TCREUR_Public/070917.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, September 17, 2007, Vol. 8, No. 184

                            Headlines


A U S T R I A

ELISENSTRASSE 43: Vienna Court Orders Business Shutdown
FRISEUR & HAARMODE: Claims Registration Period Ends Oct. 3
GOLFMASTER LLC: Claims Registration Period Ends Oct. 3
HOFMANN UND KRYSPIN: Claims Registration Period Ends Oct. 3
INNENPUTZ LLC: Claims Registration Period Ends Sept. 19

SALMHOFER LLC: Claims Registration Period Ends Sept. 28
SCHNEIDER LLC: Claims Registration Period Ends Sept. 28
WUERZLER HANDWERKSTATTE: Claims Registration Ends Sept. 28


B E L G I U M

ARVINMERITOR INC: Appoints Joe Plomin as VP for CVS Truck Unit
CHIQUITA BRANDS: Eyes Higher Operating Expenses in Third Quarter


D E N M A R K

BLOCKBUSTER INC: Names Tom Casey as VP & Chief Financial Officer


F I N L A N D

HILTON HOTELS: Launches Cash Tender Offers for US$1.8-Bln Debt


F R A N C E

ALCATEL-LUCENT SA: Cuts Full Year 2007 Revenue Forecast to Flat
ALCATEL-LUCENT: Adverse Trading Update Cues S&P’s BB- Ratings
ASPEN TECHNOLOGY: Reports Preliminary Fourth Quarter Results
DELPHI CORP: Gets Nod to File GM Settlement Exhibits Under Seal
INNOVATIVE COMM: Stan Springel Appointed as Chapter 11 Trustee

VERINT SYSTEMS: Victor DeMarines Joins Board of Directors


G E R M A N Y

ASAT HOLDINGS: Pays US$6.9 Million Interest on 9.25% Sr. Notes
ASAT HOLDINGS: Interest Payment Cues S&P to Lift Ratings to CCC-
AUDIO-VIDEO-SERVICE: Creditors Must File Claims by October 8
BACKWAREN FINGERHUT: Claims Registration Period Ends Oct. 15
BIB BAU- UND INDUSTRIEBEDARF: Claims Registration Ends October 4

BIO REITER: Claims Registration Period Ends Oct. 13
CATTO ANIMATION: Claims Registration Ends Sept. 28
CHRYSLER LLC: Health Fund Remains Main Sticking Point in Talks
DIERKS GMBH: Claims Registration Ends Sept. 28
EMA-PLAY SPIELHALLEN: Claims Registration Period Ends Oct. 15

GRUNDSTUECKSGESELLSCHAFT DIERKS: Claims Filing Ends Sept. 28
GUSTAV BERGMANN: Claims Registration Ends October 5
HELLHAUS GMBH: Claims Registration Ends Sept. 28
HERTH GASTRONOMIE: Claims Registration Ends October 1
HWZ HAUSWIRTSCHAFTSDIENSTE: Creditors Must File Claims October 5

MEGAFIT GMBH: Claims Registration Period Ends Oct. 12
NEUMANN VERTRIEB: Creditors Must File Claims by October 8
SCHWICHTENBERG FOOD: Claims Registration Period Ends Oct. 26
TETZ BACKES: Claims Registration Ends October 2
TEXTILE FINISHING: Claims Registration Period Ends Oct. 26

TOP FARBBILDDISCOUNT: Claims Registration Period Ends Oct. 26
WAGNER WERTPAPIERHANDELSHAUS: Claims Registration Ends Oct. 29


G R E E C E

EASTMAN KODAK: S&P Holds B+ Rating and Removes Negative Watch


H U N G A R Y

SUN MICROSYSTEMS: Inks Deal to Acquire Majority of Cluster File


I R E L A N D

STRUCTURED CREDIT: Irish Court Appoints Restructuring Examiner
W.R. GRACE: Andrew Bonham to Lead Construction Products Biz Unit


I T A L Y

PARMALAT SPA: Earns EUR244.3 Million for First Half 2007
TRW AUTOMOTIVE: Brings Integrated Safety to Vehicle Markets
XEROX CORPORATION: To Acquire Advectis for US$32 Million


K A Z A K H S T A N

AGYBAI LLP: Proof of Claim Deadline Slated for Oct. 19
AMIL LLP: Creditors Must File Claims Oct. 19
ANASTASIYA LLP: Claims Filing Period Ends Sept. 20
AS-TORG LLP: Creditors' Claims Due on Oct. 19
GAISA LLP: Claims Registration Ends Oct. 19

MANGISTAU ELECTRICITY: Fitch Rates IDR at BB+; Stable Outlook
NIKOLAS LLP: Proof of Claim Deadline Slated for Oct. 12
NNS-PROLOGIC LLP: Creditors Must File Claims Oct. 19
OLTIS LLP: Claims Filing Period Ends Sept. 27
SILICH & K: Creditors' Claims Due on Sept. 27

VOKZAL-SERVICE JSC: Claims Registration Ends Oct. 19


K Y R G Y Z S T A N

REGIONAL TRANS: Proof of Claim Deadline Slated for October 19


N E T H E R L A N D S

FOOT LOCKER: Warns Non-Compliance with Fixed Charge Ratio
FOOT LOCKER: S&P Retains BB+ Ratings Under Negative Watch
GLOBAL POWER: Disclosure Statement Hearing Set for October 9
GLOBAL POWER: Court Extends Exclusivity Period to September 28


P O L A N D

AFFILIATED COMPUTER: Extends Contract with Hawaii Medicaid


R U S S I A

ALFA-OBL-STROY: Creditors Must File Claims by Sept. 25
AVEST OJSC: Creditors Must File Claims by Sept. 25
BRYANSK-GLASS LLC: Creditors Must File Claims by Oct. 25
BUGURUSLAN-AGRO-PROM-SNAB: Creditors Must File Claims by Oct. 25
DYURTYULINSKOE MIXED: Asset Sale Slated for September 24

EAST-CHUKOTKA GOLD: Court Names S. Aliev as Insolvency Manager
GSM-TRADE LLC: Creditors Must File Claims by Sept. 25
IZH-MASH-SERVICE: Bankruptcy Hearing Slated for Oct. 11
KADOM-AGRO-PROM-SERVICE: Creditors Must File Claims by Oct. 25
KAMA-OIL LLC: Tatarstan Bankruptcy Hearing Slated for Dec. 13

NOVOROSSIYSK COMMERCIAL: Moody's Lifts Loan Rating to Ba1
RADAR CJSC: Creditors Must File Claims by Oct. 25
RESERVE LLC: Creditors Must File Claims by Oct. 25
ROSNEFT OIL: State Eyes 50% Volgotanker Stake Sale to Firm
TRANS-FLOT CJSC: Court Names V. Lukyanov as Insolvency Manager

TSAREVSKIY MEAT: Chuvashiya Bankruptcy Hearing Slated for Oct. 9
VOLGOTANKER OAO: Samara Officials Eye 50% Stake Sale to Rosneft
ZENIT CJSC: Creditors Must File Claims by Sept. 25


S P A I N

ANIXTER INT'L: Promotes Two Officers to Executive Positions
GENERAL CABLE: Inks US$735-Mln Purchase Deal w/ Freeport-McMoran
IM CAJAMAR: Moody's Junks EUR15 Million Series E Notes
IM CAJAMAR 5: Fitch Junks EUR15 Million Class E Notes


S W E D E N

BOMBARDIER INC: Supports Transport Canada Directive for Q400
VIRANATIVE AB: Files for Bankruptcy Protection in Sweden


S W I T Z E R L A N D

EINHELL HOLDING: Creditors' Liquidation Claims Due September 30
ERMA IMMOBILIEN: Creditors' Liquidation Claims Due October 4
FIRST ASSET: Creditors' Liquidation Claims Due September 24
GIGALOAD LLC: Creditors' Liquidation Claims Due September 24
LAZARD LTD: Opens Zurich Office; Rolf Bachmann to Lead Swiss Biz

NOVATEX TRADING: Creditors' Liquidation Claims Due September 27
NURHAK LLC: Creditors' Liquidation Claims Due September 27
PRIME FORESTRY: Creditors' Liquidation Claims Due October 31
RASEN & GARTEN LLC: Creditors' Liquidation Claims Due Sept. 26
STILLCLOUD JSC: Creditors' Liquidation Claims Due September 28

V-CONSULTING JSC: Creditors' Liquidation Claims Due September 24


U K R A I N E

AGROCENTRMET LLC: Creditors Must File Claims by September 18
ALKOPROM CJSC: Claims Submission Deadline Set September 18
MECHANICAL FOUNDATION: Creditors Must File Claims by Sept. 18
MRIYA LLC: Creditors Must File Claims by September 18
SADOVOE OJSC: Creditors Must File Claims by September 18

SAMSON LLC: Creditors Must File Claims by September 18
SELECTION OJSC: Claims Submission Deadline Set September 18
STATEK LTD: Creditors Must File Claims by September 18
SPUTNIKI LLC: Creditors Must File Claims by September 18
UKRAINE LLC: Creditors Must File Claims by September 18

* S&P Rates City of Odessa Long-term Issuer Credit at B+


U N I T E D   K I N G D O M

ACORDIS UK: Calls In Liquidators from Deloitte & Touche
ARTHUR HENRIQUES: J. M. Titley Leads Liquidation Procedure
ASSET LOFT: Claims Filing Period Ends September 28
AXON FINANCIAL: Fitch Cuts US$890 Mln Notes’ Ratings to BB-
BASIS YIELD: U.S. Court Extends Injunction Until Nov. 19

BASIS YIELD: S&P Withdraws Fund Rating After Picking Liquidators
BASIS YIELD: Liquidators' Motion for Cayman Process Recognition
BERRY BIRCH: Brings In Liquidators from KPMG
CLASSICAL PROM: Names Stephen John Tancock Liquidator
DURA AUTOMOTIVE: Wants Court to Bless Disclosure Statement

DURA AUTOMOTIVE: Wants Court Nod on Solicitation Procedures
EMI GROUP: Redeems Outstanding GBP325 Million Bonds
EUROTECHNIX LTD: Creditors' Meeting Slated for Sept. 25
FORD MOTOR: Health Fund Remains Main Sticking Point in Talks
GENERAL MOTORS: Health Fund Remains Main Sticking Point in Talks

HERMES XIV: Fitch Rate's EUR18 Million Class E Notes at BB
INTERNATIONAL RECTIFIER: Accounting Errors Cue 10-K Filing Delay
INTERNATIONAL RECTIFIER: S&P Retains Negative Watch on BB Rating
LCS COMBINED: Appoints Liquidators from BDO Stoy Hayward
METRONET GROUP: London Underground Eyes Contract Restructuring

NORTHERN ROCK: Seeks Outside Help to Avert Liquidity Crisis
PROTON HOLDINGS: Abdullah Denies VW Reports Asking for 20% Stake
PROTON HOLDINGS: Unit Bags MYR4 Mil. Supply Deal with Toyota
R.A. GANDER: Joint Liquidators Take Over Operations
SPRAY PROCESSES: Brings In Liquidators from BDO Stoy Hayward

SUNDANCE SPAS: Claims Filing Period Ends October 16
THERMOMAX LTD: Creditors' Meeting Slated for Sept. 26
TRIMFOAM UK: Hires Liquidators from DTE Leonard Curtis
VETERINARY PRACTICE: Calls In Liquidators from PwC
VICTORIA MORTGAGE: Names Joint Administrators from KPMG

VIRAGEN INC: Swedish Unit Files for Bankruptcy Protection
VISCOUNT TOWN: Taps Liquidators from UHY Hacker Young
WINDMILL CLO I: S&P Rates EUR15 Million Class E Notes at BB-

* Deloitte Appoints Two Members to its Executive Group

* BOND PRICING: For the Week Sept. 10 to Sept. 14, 2007

                            *********

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A U S T R I A
=============


ELISENSTRASSE 43: Vienna Court Orders Business Shutdown
-------------------------------------------------------
The Trade Court of Vienna entered Aug. 17 an order shutting down
the business of LLC Elisenstrasse 43 (FN 91553m).

Court-appointed estate administrator Christian Bachmann
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Christian Bachmann
         c/o Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01-Serie
         Fax: 513 82 50

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 9 (Bankr. Case No 2 S 108/07f).  Eva-Maria Bachmann-Lang
represents Dr. Bachmann in the bankruptcy proceedings.


FRISEUR & HAARMODE: Claims Registration Period Ends Oct. 3
----------------------------------------------------------
Creditors owed money by LLC Friseur & Haarmode (FN 234244b) have
until Oct. 3 to file written proofs of claim to court-appointed
estate administrator Robert Gschwandtner at:

         Dr. Robert Gschwandtner
         c/o Dr. Peter Pullez
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         Fax: 513 29 79 25

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Oct. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 17 (Bankr. Case No. 4 S 94/07m).  Peter Pullez
represents Dr. Gschwandtner in the bankruptcy proceedings.


GOLFMASTER LLC: Claims Registration Period Ends Oct. 3
------------------------------------------------------
Creditors owed money by LLC GolfMaster (FN 147292g) have until
Oct. 3 to file written proofs of claim to court-appointed estate
administrator Johanna Abel-Winkler at:

         Mag. Johanna Abel-Winkler
         c/o Mag. Norbert Abel
         Franz Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Oct. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 14 (Bankr. Case No. 4 S 92/07t).  Norbert Abel
represents Mag. Abel-Winkler in the bankruptcy proceedings.


HOFMANN UND KRYSPIN: Claims Registration Period Ends Oct. 3
-----------------------------------------------------------
Creditors owed money by LLC Hofmann und Kryspin (FN 215038h)
have until Oct. 3 to file written proofs of claim to court-
appointed estate administrator Edmund Roehlich at:

         Dr. Edmund Roehlich
         c/o Dr. Richard Proksch
         Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 17 (Bankr. Case No. 4 S 93/07i).  Richard Proksch
represents Dr. Roehlich in the bankruptcy proceedings.


INNENPUTZ LLC: Claims Registration Period Ends Sept. 19
-------------------------------------------------------
Creditors owed money by LLC Innenputz (FN 104296b) have until
Sept. 19 to file written proofs of claim to court-appointed
estate administrator Christian Kleinszig at:

         Dr. Christian Kleinszig
         Unterer Platz 11
         9300 St. Veit/Glan
         Austria
         Tel: 04212/2040
         Fax: 04212/28122

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Sept. 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in St. Veit/Glan-Hunnenbrunn, Austria, the Debtor
declared bankruptcy on Aug. 22 (Bankr. Case No. 40 S 40/07h).


SALMHOFER LLC: Claims Registration Period Ends Sept. 28
-------------------------------------------------------
Creditors owed money by LLC Salmhofer (FN 59877f) have until
Sept. 28 to file written proofs of claim to court-appointed
estate administrator Franz Doppelhofer at:

         Mag. Franz Doppelhofer
         Reitschulgasse 1
         8010 Graz
         Austria
         Tel: 0316/810030
         Fax: 0316/810080

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 4:10 p.m. on Oct. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         Second Floor
         Graz
         Austria

Headquartered in St. Florian, Austria, the Debtor declared
bankruptcy on Aug. 21 (Bankr. Case No. 25 S 98/07k).


SCHNEIDER LLC: Claims Registration Period Ends Sept. 28
-------------------------------------------------------
Creditors owed money by LLC Schneider (FN 247394s) have until
Sept. 28 to file written proofs of claim to court-appointed
estate administrator Stefan Kohlfuerst at:

         Mag. Stefan Kohlfuerst
         c/o Dr. Heimo Hofstatter
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/815454
         Fax: 0316/81545422
         E-mail: advokat@hofstaetter.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:25 p.m. on Oct. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         Second Floor
         Graz
         Austria

Headquartered in Zettling, Austria, the Debtor declared
bankruptcy on Aug. 17 (Bankr. Case No. 25 S 96/07s).  Heimo
Hofstatter represents Mag. Kohlfuerst in the bankruptcy
proceedings.


WUERZLER HANDWERKSTATTE: Claims Registration Ends Sept. 28
----------------------------------------------------------
Creditors owed money by LLC Wuerzler Handwerkstatte (FN 70209z)
have until Sept. 28 to file written proofs of claim to court-
appointed estate administrator Wolfgang Reinisch at:

         Dr.Wolfgang Reinisch
         LLC Reinisch & Wisiak Rechtsanwalte
         Hauptplatz 28
         8430 Leibnitz
         Austria
         Tel: 03452/83 2 96
         Fax: 03452/83 2 96-20

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:40 p.m. on Oct. 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         Second Floor
         Graz
         Austria

Headquartered in Arnfels, Austria, the Debtor declared
bankruptcy on Aug. 20 (Bankr. Case No. 25 S 97/07p).


=============
B E L G I U M
=============


ARVINMERITOR INC: Appoints Joe Plomin as VP for CVS Truck Unit
--------------------------------------------------------------
ArvinMeritor, Inc. has named Joe Plomin as vice president of the
Truck business unit within Commercial Vehicle Systems (CVS),
effective immediately.  The newly formed truck unit is now one
of four CVS business units -- the others are Aftermarket,
Specialty, and Trailers.

In his new role, Mr. Plomin will be responsible for the overall
development of product marketing and strategic planning, program
management, sales and service, pricing, delivery, and customer
relations for the Truck unit - which encompasses axle, brake and
driveline sales to global truck manufacturers.

"With his significant background in marketing, sales and
strategic planning, Joe will accelerate the various activities
we have initiated to improve all aspects of our performance,"
said Carsten Reinhardt, president, CVS.  "We are delighted that
Joe has decided to join our team."

Before joining ArvinMeritor, Mr. Plomin most recently served as
senior vice president, Sales, Marketing and Product Line
Management for Remy International in Anderson, Ind.  He has more
than 20 years of experience in heavy duty and automotive
component development, marketing and sales.

Mr. Joe Plomin holds a bachelor's of arts degree in Economics
from Knox College in Galesburg, Illinois, United States.

                   About ArvinMeritor Inc.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- is a premier US$8.8 billion
global supplier of a broad range of integrated systems, modules
and components to the motor vehicle industry.  The company
serves light vehicle, commercial truck, trailer and specialty
original equipment manufacturers and certain aftermarkets.
ArvinMeritor employs approximately 29,000 people at more than
120 manufacturing facilities in 25 countries.
These countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                       *     *     *

Moody's Investor Services rated B3 ArvinMeritor Inc.'s long term
corporate family and probability of default on January 2007.
Moody's said the outlook is stable.


CHIQUITA BRANDS: Eyes Higher Operating Expenses in Third Quarter
----------------------------------------------------------------
Chiquita Brands International expects its operating expenses to
increase US$30 million in the third quarter 2007, from the third
quarter of 2006, due to higher costs, the Business Courier of
Cincinnati reports.

Chiquita Brands told the Business Courier that the costs include
expenses for:

         -- new product introductions,
         -- brand support,
         -- merchandising, and
         -- food safety.

Higher banana prices in most of its markets wouldn't offset
increased expenses in the third quarter 2007, the Business
Courier says, citing Chiquita Brands.

According to Chiquita Brands' news release, no further charges
will be filed on the company's protection payments to Colombian
terrorist groups.

The Business Courier notes that these are increases in banana
prices:

         -- 5% in North American markets,
         -- 17% on a US dollar basis in core European markets,
         -- 12% in Asia Pacific and the Middle East, and
         -- 43% in trading markets, which include European and
            Mediterranean nations not belonging to the European
            Union.

Chiquita Brands Chief Executive Officer and Chairperson Fernando
Aguirre said in a news release, "Despite the near-term issues,
we believe we are on the right track and expect to report a
greater level of year-on-year improvement in the fourth quarter,
which would continue the positive year-on-year trend."

Chiquita Brands told the Business Courier that hurricanes Dean
and Felix "minimally affected" its banana supplies.  Meanwhile,
"European supplies suffered significant damage, which will
produce more favorable pricing."

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                       *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


=============
D E N M A R K
=============


BLOCKBUSTER INC: Names Tom Casey as VP & Chief Financial Officer
----------------------------------------------------------------
Blockbuster Inc. has appointed Thomas M. Casey as the company's
new Executive Vice President and Chief Financial Officer.

Most recently a managing director for Deutsche Bank Securities,
Inc., Mr. Casey was responsible for the bank's retail industry
relationships in North America and, in that capacity over the
course of the past nine years, served as a strategic financial
advisor to some of the world's largest companies in the retail
entertainment, food and drug, convenience store, food wholesale
and foodservice industries.

Prior to Deutsche Bank, Mr. Casey held investment banking
positions with Citigroup, Merrill Lynch, and Dillon Read & Co.

"Throughout his more than 20-year career, Tom has been
instrumental in helping some of the world's largest companies
successfully formulate their financial and strategic business
plans for the future," said Jim Keyes, Blockbuster Chairman and
Chief Executive Officer  "We are very excited to have Tom join
our executive team and believe he will contribute significantly
to our efforts to pursue the profitable transformation of
Blockbuster from a video retailer into a completely convenient
source for media entertainment."

In his new position, Mr. Casey will have responsibility for
Blockbuster's financial, accounting and internal audit
functions.

Mr. Casey earned a Bachelor of Science degree from the U.S.
Naval Academy, served as an officer in the U.S. Navy and
received his MBA from Harvard Business School.

As of the end of September, Larry Zine, Executive Vice
President, Chief Financial Officer and Chief Administrative
Officer, who has been with the company since 1999, will be
retiring from Blockbuster.

"We appreciate Larry's leadership and his many contributions to
Blockbuster over the past eight years," said Mr. Keyes.

                  About Blockbuster Inc.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, Moody's Investors Service downgraded Blockbuster
Inc.'s corporate family rating to Caa1, its senior secured
credit facilities to B3, and speculative grade liquidity rating
to SGL-4.  In addition, Moody's affirmed the senior subordinated
notes rating at Caa2.  Moody's said the rating outlook remains
negative.


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F I N L A N D
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HILTON HOTELS: Launches Cash Tender Offers for US$1.8-Bln Debt
--------------------------------------------------------------
Hilton Hotels Corporation has commenced cash tender offers for
approximately US$1.8 billion of its outstanding unsecured debt
securities.  The Securities comprise the 8.000% Quarterly
Interest Bonds due 2031 and the 7.430% Chilean Inflation-Indexed
(UF) Notes due 2009.  The tender offer for each series of
Securities is being conducted concurrently with a related
consent solicitation to amend the terms of such Securities and
the indenture pursuant to which the Securities were issued.  The
tender offers and consent solicitations are being conducted in
connection with the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P.  The completion of the tender offers and
consent solicitations is not a condition to completion of the
Merger.

The offer for each issue of Securities will expire at 8:00 a.m.,
New York City time, on Oct. 11, 2007, unless extended or earlier
terminated by Hilton.  Holders who wish to receive the total
consideration for the Securities referred to below must validly
tender and not validly withdraw their Securities at or prior to
5:00 p.m., New York City time, on Sept. 25, 2007, unless
extended or earlier terminated.

Holders tendering their Securities will be required to consent
to proposed amendments to the Securities, the Indenture and the
related officers' certificates, which would eliminate
substantially all of the restrictive covenants contained in the
Securities, the Indenture and the related officers'
certificates, eliminate certain events of default, modify or
eliminate covenants regarding consolidations, mergers and sale
of assets and company reports and modify or eliminate certain
other provisions, including, without limitation, certain
provisions relating to defeasance contained in the Securities,
the Indenture and the related officers' certificates.  Holders
may not tender their Securities without also delivering consents
and may not deliver consents without also tendering their
Securities.

The total consideration for each US$1,000 principal amount of
Notes validly tendered and not validly withdrawn pursuant to
each tender offer is the price (calculated as described in the
Offer to Purchase referred to below) equal to (i) the sum of (a)
the present value, determined in accordance with standard market
practice, on the Scheduled Payment Date (as defined in the Offer
to Purchase referred to below) of US$1,000 on the applicable
maturity date for the Notes specified in the table below plus
(b) the present value on the Scheduled Payment Date of the
interest that would be payable on, or accrue from, the last
interest payment date prior to the Scheduled Payment Date until
the applicable maturity date for such Notes, in each case
determined on the basis of a yield to such maturity date equal
to the sum of (A) the yield to maturity on the applicable
benchmark security, as calculated by Bear, Stearns & Co. Inc. in
accordance with standard market practice, based on the bid-side
price of such reference security as of 11:00 a.m., New York City
time, on Oct. 5, 2007, unless modified by Hilton in its sole
discretion, as displayed on the page of the Bloomberg Government
Pricing Monitor plus (B) the Applicable Spread (as shown in the
table below), minus (ii) accrued and unpaid interest to, but not
including, the Scheduled Payment Date.

The total consideration for each US$25.00 principal amount of
Bonds validly tendered and not validly withdrawn pursuant to the
tender offer for the Bonds is US$25.125.

The total consideration for each CLP50,000 original principal
amount of CLP Notes validly tendered and not validly withdrawn
pursuant to the tender offer for the CLP Notes is US$119.53.
The total consideration for each CLP50,000 original principal
amount of CLP Notes represents a price of approximately
US$1,028.72 per US$1,000 Adjusted Principal Amount, converted at
the Observed Exchange Rate (as defined in the CLP Notes) on
Sept. 11, 2007.  The foregoing translation is solely for the
convenience of the holders of CLP Notes; the CLP Notes Total
Consideration is fixed and will not be adjusted for exchange
rate movements or changes in the Adjusted Principal Amount
during the pendency of the Offer for such CLP Notes.

The total consideration for the Securities described above
includes a consent payment of US$30.00 per US$1,000 principal
amount of Notes, US$1.00 per US$25.00 principal amount of Bonds
and US$3.00 per CLP50,000 original principal amount of CLP
Notes.  Subject to the terms and conditions of the tender offers
and the consent solicitations, the consent payment will be made
on the payment date in respect of Securities validly tendered
and not validly withdrawn and as to which consents to the
proposed amendments are delivered at or prior to the Consent
Payment Deadline.  Holders of the Securities must validly tender
and not validly withdraw Securities at or prior to the Consent
Payment Deadline in order to be eligible to receive the
applicable total consideration (which includes the applicable
consent payment described in the foregoing sentence) for such
Securities purchased in the tender offers.  Holders who validly
tender their Securities after the Consent Payment Deadline and
at or prior to the Offer Expiration Date will be eligible to
receive the tender offer consideration which is an amount, paid
in cash, equal to the applicable total consideration less the
applicable consent payment.

In each case, holders whose Securities are accepted for payment
in the tender offers will receive accrued and unpaid interest in
respect of such purchased Securities from the last interest
payment date preceding the payment date to, but not including,
such payment date.

Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.

The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
the Offer to Purchase and Consent Solicitation Statement dated
Sept. 12, 2007, and the related Consent and Letter of
Transmittal.  The tender offers and consent solicitations are
subject to the satisfaction of certain conditions, including
receipt of consents sufficient to approve the proposed
amendments and the Merger having occurred, or such Merger
occurring substantially concurrent with the Offer Expiration
Date.  Further details about the terms and conditions of the
tender offers and the consent solicitations are set forth in the
Offer to Purchase.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free) ((212) 272-
5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210
(collect)), respectively. Banc of America Securities LLC,
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations.  The Offer
to Purchase and other documents relating to the tender offers
and consent solicitations are expected to be distributed to
holders beginning today.  Requests for documentation may be
directed to Global Bondholder Services Corporation, the
Information Agent, which can be contacted at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                       *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in
January 2006.


===========
F R A N C E
===========


ALCATEL-LUCENT SA: Cuts Full Year 2007 Revenue Forecast to Flat
---------------------------------------------------------------
Alcatel-Lucent S.A. revised its full year 2007 revenue outlook
and confirmed its previous statements regarding synergy targets
for the year.

Alcatel-Lucent now expects its full year 2007 revenue growth to
be flat to slightly up at a constant Euro/US$ exchange rate.
Alcatel-Lucent had previously estimated that its revenue would
grow in the mid single digits at a constant rate.

Currently, Alcatel-Lucent’s revenue for the third quarter 2007
is estimated to grow slightly compared to the second quarter
2007 at a constant Euro/US$ exchange rate.  The company’s
revenue for the fourth quarter 2007 is still expected to ramp-up
strongly over the third quarter 2007.  Additionally, the change
in revenue mix is expected to negatively impact the
profitability of the company, especially in the current quarter.
For the third quarter 2007, the operating income (loss) is
expected to be around breakeven.

This downward revision in the revenue forecast is based on the
most recent and updated discussions with some wireless customers
in North America.  Alcatel-Lucent is now seeing a change in
capital spending with those customers in 2007, compared to what
it had anticipated.  As a result, the company is not seeing the
projected volume changes that would have mitigated the ongoing
pricing pressures it is experiencing.  In other regions and
businesses, in particular wireline, enterprise and Asia-Pacific
revenue performance continues to be strong.

The company continues to execute on its integration plans and is
planning to achieve its synergy related pre-tax savings of
EUR600 million this year.  As the company has previously said
for this year, it will not retain its gross margin savings due
to competitive market conditions but expects it will retain most
of its operating expense savings on a comparable basis.

Alcatel-Lucent continues to expect a strong sequential revenue
growth in the fourth quarter, driven by IP transformation,
broadband deployment and associated services.

Patricia Russo, Alcatel-Lucent CEO said, “Given ongoing dynamics
in the rapidly changing telecom industry, the company is taking
steps to accelerate the execution of its current restructuring
program and to implement additional focused cost reduction plans
in markets which require further actions to be taken.

While the company acknowledges that it is competing in a
challenging market environment and executing a complex merger,
it remains confident that it has the right combination of people
and assets to position the company as a  leading player in the
industry.”

Alcatel-Lucent will provide an update regarding its plans when
announcing third quarter earnings on October 31, 2007.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.


                            *   *   *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ALCATEL-LUCENT: Adverse Trading Update Cues S&P’s BB- Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
international equipment supplier Alcatel-Lucent and related
entity Lucent Technologies Inc. to stable from positive.  At the
same time, the 'BB-' long-term corporate credit ratings on the
group were affirmed.  The 'B' short-term corporate credit rating
on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

The outlook revision follows the group's communication of an
adverse update on its business activities and prospects.

"Standard & Poor's no longer expects a near-term rating upgrade
given the group's downward revision of its revenue growth
expectations for 2007 and the resulting detrimental effects on
profitability," said Standard & Poor's credit analyst Leandro de
Torres Zabala.

Alcatel-Lucent now expects revenues in 2007 to be flat to
slightly up at a constant euro-U.S. dollar exchange rate. This
compares with previous expectations of revenue growth in the mid
single digits.  As a result, the group will not see the
projected volume changes that would have mitigated ongoing
pricing pressures, with negative implications for profitability.
At the same time, the group has communicated that it continues
to execute on its integration plans and that it is planning to
achieve synergy-related pretax savings of EUR600 million this
year.  In light of fierce competition, however, Alcatel-Lucent
expects to continue passing on its gross margin savings through
lower pricing.  As a result, and given the change in revenue
mix, the group expects operating income in the third quarter of
2007 to be around breakeven.  Given the industry's exacerbated
competitive pressures, the group's CEO has announced steps to
accelerate the execution of its current restructuring program
and to implement additional cost reduction plans in markets that
require further action to be taken.  The group will provide an
update regarding its plans when announcing third-quarter
earnings on Oct. 31, 2007.

"We expect that the group's 2007 sales will at least be flat
compared with 2006 levels and that Alcatel-Lucent will continue
to execute its integration plan, achieve its synergy-related
pretax savings targets, and maintain its market position with
key customers," Mr. de Torres Zabala added.

For the outlook to be revised back to positive, Standard &
Poor's needs to see the group make successful progress with its
global integration plans, stabilize its wireless business in
North America, and make further headway in operating
profitability and cash flow generation.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris
and NYSE: ALU) -- http://www.alcatel-lucent.com/-- provides
solutions that enable service providers, enterprises and
governments worldwide, to deliver voice, data and video
communication services to end-users.  With operations in more
than 130 countries, Alcatel-Lucent is a local partner with
global reach.  The company has the most experienced global
services team in the industry, and one of the largest research,
technology and innovation organizations in the
telecommunications industry.  Alcatel-Lucent achieved EUR18.3
billion proforma revenues in 2006.


ASPEN TECHNOLOGY: Reports Preliminary Fourth Quarter Results
------------------------------------------------------------
Aspen Technology Inc. has disclosed preliminary financial
results for its fiscal fourth quarter 2007 and fiscal year ended
June 30, 2007.

The company reported record license bookings during the fiscal
fourth quarter 2007, with license bookings defined as the total
net present value of all license contracts signed in the
quarter.  License bookings were US$67 million during the fiscal
fourth quarter, an increase of approximately 49% compared to
US$45 million in the fourth quarter of fiscal 2006.  The company
reported record fiscal 2007 license bookings of US$200 million,
an increase of approximately 23% from US$162 million in fiscal
2006.

The company ended the fourth quarter with US$132 million in
cash, up US$31 million from US$101 million at the end of the
prior quarter.  The increase in cash was driven primarily by
strong license bookings, which generated installments receivable
that were sold for cash during the quarter, and continued focus
on managing costs and expenses.  In addition, the company
received US$5 million of proceeds from exercises of stock
options, while it used US$2 million of cash for capital
expenditures during the fourth quarter.

Mark Fusco, Chief Executive Officer of Aspen Technology, said
"We were very pleased with the company's operating performance
in the fourth quarter, which was highlighted by robust growth in
license bookings that exceeded our expectations and the growth
of the market.  The fourth quarter capped off the most
successful annual operating performance in the history of
AspenTech, and our business was solid across each key metric
during the fourth quarter - vertical, major geography, product,
aspenONE and transactions of all sizes." Mr. Fusco added, "With
solid market demand, a differentiated value proposition and
industry leading domain expertise, we are optimistic about the
company's fundamental outlook as we begin fiscal 2008."

The company also announced that it is continuing work on the
restatement of previously issued financial statements.  The
restatement needs to be completed before the company can issue
final, complete results for its fiscal fourth quarter and year
ended June 30, 2007.

On June 11, 2007, the company has announced identified errors in
its accounting for sales of installments receivable.  The
company has reviewed thousands of installments receivable
transactions, dating back to fiscal 2003, as part of a process
to determine period-end balances for two new balance sheet
accounts, a collateral asset for secured borrowings and a
secured borrowing liability.  Based on the significant amount of
work that has been completed over the course of the past three
months, the company has updated its estimate of the balances of
these two new related balance sheet items, as follows:

-- approximately US$230 million as of June 30, 2005
-- approximately US$200 million as of June 30, 2006
-- approximately US$200 million as of June 30, 2007

Brad Miller, Chief Financial Officer of AspenTech, said "The
company's finance team and outside financial advisors have been
working diligently to complete the restatement and fiscal 2007
year-end financial statements.  We are committed to addressing
these matters as expeditiously and thoroughly as possible.
While we are completing this effort, AspenTech remains focused
on customer success and sales of our solutions into end markets
that continue to show strong demand."

                  About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has locations in
Brazil, Malaysia and France.

                       *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


DELPHI CORP: Gets Nod to File GM Settlement Exhibits Under Seal
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates obtained permission from
the U.S. Bankruptcy Court for the Southern District of New York
to file certain exhibits to the Master Restructuring Agreement
between Delphi Corp. and General Motors Corp. under seal.

The MRA Exhibits will remain confidential and will be served on
and made available only to:

  * the U.S. Trustee for the Southern District of New York;

  * counsel to the Official Committee of Unsecured Creditors;
    and

  * other parties agreed to in writing by the Debtors and GM.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, explains that the MRA Exhibits
contain detailed descriptions of sensitive business information
and trade terms that will, if publicly disclosed, detrimentally
affect the competitiveness of the Debtors and GM, as well as the
parties' ability to negotiate the terms of future agreements.

Specifically, the MRA Exhibits include schedules of certain
assets held by certain of the Debtors' business units, financial
projections, purchasing and pricing information, information
related to new business opportunities and extensions of existing
contracts, information relevant to the marketing of certain of
the Debtors' non-core assets, and metrics and procedures for
calculating various payment amounts provided for in the MRA.

After evaluating whether they could effectively redact the MRA
Exhibits, the Debtors and GM concluded that redaction was not
appropriate because the amount of redaction required would not
permit parties-in-interest to conduct a meaningful review of the
Exhibits.  In addition, redacted versions of the Exhibits could
be misleading.

As previously reported, the Debtors and GM have determined, in
furtherance of the Joint Plan of Reorganization, to settle
various disputes and compromise certain claims as provided by
two a Global Settlement Agreement and the MRA.

The GSA addresses primarily those matters for which the Debtors
and GM have agreed upon resolutions that can be implemented in
the short term, Mr. Butler relates.  Accordingly, most
obligations set forth in the GSA are to be performed upon, or as
soon as reasonably practicable after, the occurrence of the
Effective Date of the Plan.

By contrast, resolution of most of the matters addressed in the
MRA will require a significantly longer period that will extend
for a number of years after confirmation of the Plan, Mr. Butler
adds.  The Debtors believe the GSA and the MRA will permit them
to implement the Plan with material support and broad
cooperation from GM, their largest customer.  Likewise, the
agreements will allow GM to manage the effects of its largest
supplier's transformation on GM's supply chain and operations.

                         GM Settlement

As reported in the Troubled Company Reporter on Sept. 7, 2007,
pursuant to the Debtors' Plan, subject to Court approval as part
of the plan confirmation process, Delphi and GM have entered
into comprehensive settlement agreements consisting of a Global
Settlement Agreement.  Most obligations set forth in the GSA are
to be performed upon the occurrence of the Effective Date of the
Plan or as soon as reasonably possible after.  By contrast,
resolution of most of the matters addressed in the MRA will
require a significantly longer period that will extend for a
number of years after confirmation of the Plan.

The GSA is intended to resolve outstanding issues among Delphi
and GM that have arisen or may arise before Delphi's emergence
from Chapter 11, and will be implemented by Delphi and GM in the
short term.  The GSA addresses, among other things, commitments
by Delphi and GM regarding OPEB and pension obligations, other
GM contributions with respect to labor matters, releases, and
claims treatment.

   -- GM will make significant contributions to cover costs
      associated with certain post-retirement benefits for
      certain of the company's active and retired hourly
      employees, including health care and life insurance;

   -- Delphi will freeze its Hourly Pension Plan as soon as
      possible following the Effective Date, as provided in the
      union settlement agreements, and GM's Hourly Pension Plan
      will become responsible for certain future costs related
      to Delphi's Hourly Pension Plan;

   -- Delphi will transfer certain assets and liabilities of
      its Hourly Pension Plan to the GM Hourly Pension Plan, as
      set forth in the union term sheets;

   -- Shortly after the effective date, GM will receive an
      interest bearing note from Delphi in the amount of
     US$1.5 billion to be paid within 10 days of its issuance;

   -- GM will make significant contributions to Delphi to fund
      various special attrition programs, consistent with the
      provisions of the union Memorandum of Understanding;

   -- GM and certain related parties and Delphi and certain
      related parties will exchange broad, global releases
      (which will not apply to certain surviving claims as set
      forth in the GSA); and

   -- On the Effective Date, subject to certain surviving
      claims in the GSA and in satisfaction of various GM
      claims, Delphi will pay GM US$2.7 billion, and the GM
      Proof of Claim will be settled.

The MRA is intended to govern certain aspects of Delphi and GM's
commercial relationship following Delphi's emergence from
Chapter 11.  The MRA addresses, among other things, the scope of
GM's existing and future business awards to Delphi and related
pricing agreements and sourcing arrangements, GM commitments
with respect to reimbursement of specified ongoing labor costs,
the disposition of certain Delphi facilities, and the treatment
of existing agreements between Delphi and GM.

Through the MRA, Delphi and GM have agreed to certain terms and
conditions governing, among other things:

   -- the scope of existing business awards, related pricing
      agreements, and extensions of certain existing supply
      agreements;

   -- GM's ability to move production to alternative suppliers;
      and

   -- Reorganized Delphi's rights to bid and qualify for new
      business awards.

   a) GM will make significant, ongoing contributions to Delphi
      and Reorganized Delphi to reimburse the company for labor
      costs in excess of US$26 per hour at specified
      manufacturing facilities;

   b) GM and Delphi have agreed to certain terms and conditions
      concerning the sale of certain of its non-core
      businesses;

   c) GM and Delphi have agreed to certain additional terms and
      conditions if certain of its businesses and facilities
      are not sold or wound down by certain future dates; and

   d) GM and Delphi have agreed to the treatment of certain
      contracts between Delphi and GM arising from Delphi's
      separation from GM and other contracts between Delphi and
      GM.

                          About Delphi

Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  The Court has set a hearing on October 3 to consider the
adequacy of the Disclosure Statement.

(Delphi Bankruptcy News, Issue No. 84 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


INNOVATIVE COMM: Stan Springel Appointed as Chapter 11 Trustee
--------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the Western District of Pennsylvania appointed Stan Springel
as the chapter 11 trustee overseeing Innovative Communication
Corporation's estate.

Mr. Springel, a corporate restructuring specialist who had been
given control of parent companies Innovative Communication
Corporation, LLC, and Emerging Communications, Inc. on March 15,
2007, requested and gained control over ICC.  ICC is a holding
company for a number of media and telecommunications ventures,
including Innovative Telephone (formerly the Virgin Islands
Telephone Company or VITELCO), the Virgin Islands Daily News,
and the St. Thomas and St. Croix cable companies.

ICC and its parent companies have been engaged in protracted
bankruptcy proceedings with National Rural Utilities Cooperative
Finance Corporation and its affiliate Rural Telephone Finance
Cooperative, which as of May 31, 2007, had US$493 million in
credit extended to ICC and an unsatisfied court judgment in
excess of US$524 million against ICC.  All loans have been on
non-accrual status since Feb. 1, 2005.  ICC has not made debt
service payments to RTFC since June 2005.  RTFC is the primary
secured lender to
ICC.

The Court also cited the failure of ICC to honor pension
contribution obligations resulting in government liens on the
subsidiaries' property.  RTFC also holds an unsatisfied court
judgment of US$100 million against Jeffery Prosser, who has been
in control of ICC.

"The Trustee is authorized and directed to vote ECI's shares of
stock in Innovative Communication Corporation, a wholly-owned,
non-debtor subsidiary of ECI, to remove the current board of
directors and officers of ICC if necessary, to take related
corporate action to effectuate the Trustee's control over New
ICC in order to facilitate a transaction for the refinancing or
sale of the Debtors and their Operating Subsidiaries and, if
necessary, to file a voluntary bankruptcy petition on behalf of
ICC," the court order states.  Mr. Prosser has filed a notice of
appeal of the order.

"This is a positive development in this protracted proceeding,"
CFC and RTFC CFO Steven Lilly, said.  "We very much appreciate
the Court's ruling, which moves us toward the resolution of this
troubled credit issue."

National Rural Utilities Cooperative Finance Corporation is a
not-for-profit finance cooperative that serves the nation's
rural utility systems, the majority of which are electric
cooperatives and their subsidiaries.  With more than US$18
billion in assets, CFC provides its member-owners with an
assured source of low-cost capital and state-of-the-art
financial products and services.

Rural Telephone Finance Cooperative is a not-for-profit finance
cooperative that serves the financial needs of the rural
telecommunications industry.  RTFC has approximately US$2
billion in credit outstanding to its rural telecommunications
members and their affiliates and is a managed affiliate of CFC.
Both CFC and RTFC are headquartered in Herndon, Virginia.

Based in Christiansted, St. Croix, U.S. Virgin Islands,
Innovative Communication Corporation is telecommunications and
media company with eextensive holdings throughout the Caribbean
basin.  The company's operations are in Belize, British Virgin
Islands, Guadeloupe, Martinique, Saint-Martin, Sint Maarten,
U.S. Virgin Islands and France and include local, long distance
and cellular telephone companies, Internet access providers,
cable television companies, business systems, and The Virgin
Islands Daily News, a Pulitzer Prize-winning newspaper.

On Feb. 10, 2006, creditors Greenlight Capital Qualified, L.P.,
Greenlight Capital, L.P., and Greenlight Capital Offshore, Ltd.,
filed involuntary chapter 11 petition againsts Innovative
Communication Company LLC and Emerging Communications, Inc., and
Jeffrey J. Prosser, the company's principal (Bankr. D. Del. Case
Nos. 06-10133 through 06-10135).  The Greenlight creditors
disclosed US$18,780,614 in total claims.

On July 31, 2006, Innovative LLC, Emerging, and Mr. Prosser,
filed voluntary chapter 11 petitions (Bankr. D. V.I. Case Nos.
06-30007 through 06-30009).  Pursuant to Rule 1003-1 of the
Local Bankruptcy Rules of the District Court of the Virgin
Islands, Bankruptcy Division, Mr. Prosser, and Bobby Lubana,
were designated as the individuals who are the principal
operating officers of the alleged debtor.  On Dec. 14, 2006, the
Delaware Bankruptcy Court entered an order transferring the
venue of the involuntary bankruptcy cases transferring to the
U.S. District Court for the District of the Virgin Islands,
Bankruptcy Division.

On July 5, 2007, the Greenlight creditors filed an involuntary
chapter 11 petition against Innovative Communication Corporation
(Bankr. D. V.I. Case No. 07-30012).  The creditors disclosed
total aggregate claims of US$56,341,843.  Matthew J. Duensing,
Esq., and Richard H. Dollison, Esq., at Stryker, Duensing,
Casner & Dollison, and Matthew P. Ward, Esq., at Skadden Arps
Slate Meagher & Flom LLP, represent the creditors.

Stan Springel of Alvarez & Marsal, the Court-appointed chapter
11 trustee, is represented by Andrew Kamensky, Esq., Hunton &
Williams.


VERINT SYSTEMS: Victor DeMarines Joins Board of Directors
---------------------------------------------------------
Verint Systems Inc. has elected Victor A. DeMarines as its new
non-executive Chairman of Verint's Board of Directors.  Mr.
DeMarines has served as an independent director and chairman of
Verint's Audit Committee since 2002.  Mr. DeMarines will also
serve as chairman of Verint's newly created Governance and
Nominating Committee.

Upon his election, Mr. DeMarines said, "As an independent
director, I am happy to take on this new role.  It has been a
pleasure watching Verint grow over the last five years and I
believe these changes to the board will help the company focus
on its long-term strategy."

Verint also announced that:

  -- Larry Myers has been elected as the new chairman of
     Verint's Audit Committee, replacing Mr. DeMarines.
     Mr. Myers has served an independent director of Verint
     since 2002.

  -- Howard Safir will continue to serve as the chairman of
     Verint's Compensation and Stock Option Committees.
     Mr. Safir has served as an independent director of Verint
     since 2002.

  -- Lauren Wright and Shefali Shah from Comverse have joined
     Verint's Board of Directors, increasing the Board to 11
     members, 5 of whom are Comverse-affiliated Verint
     directors.

                   About Verint Systems

Headquartered in Melville, New York, Verint Systems Inc.
(VRNT.PK) -- http://www.verint.com/-- is a provider of analytic
software-based solutions for security and business intelligence.
Verint software, which is used by over 1,000 organizations in
over 50 countries worldwide, generates actionable intelligence
through the collection, retention and analysis of voice, fax,
video, email, Internet and data transmissions from multiple
communications networks.

Verint has global offices in France, Brazil and and India.

                       *     *     *

As reported in the Troubled Company Reporter on April 24, 2007,
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Verint Systems Inc.  At the same time, we
assigned our 'B' bank loan rating, and '3' recovery rating to
the company's proposed US$675 million first-lien credit
facility, indicating that lenders can expect meaningful (50%-
80%) recovery of principal in the event of payment default,"
said Standard & Poor's credit analyst David Tsui.  S&P said the
outlook is developing.


=============
G E R M A N Y
=============


ASAT HOLDINGS: Pays US$6.9 Million Interest on 9.25% Sr. Notes
--------------------------------------------------------------
ASAT Holdings Limited paid US$6.9 million in interest, plus
accumulated penalty interest, on its 9.25% Senior Notes due
2011, within the applicable grace period.  The aggregate
principal amount of the Notes is US$150 million.

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of
semiconductor package design, assembly and test services.  With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The company has operations in the United States, Hong
Kong, China and Germany.

                          *     *     *

ASAT Holdings Limited's consolidated balance sheet at April 30,
2007, showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in a US$88.3 million
total stockholders' deficit.


ASAT HOLDINGS: Interest Payment Cues S&P to Lift Ratings to CCC-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on ASAT Holdings Ltd. to 'CCC-' from 'D'
following the company's announcement on Aug. 28, 2007, that it
had paid the overdue interest on US$150 million 9.25% senior
notes due 2011.  The outlook is negative.

At the same time, Standard & Poor's raised the issue rating on
the notes to 'CCC-' from 'D'.  This rating level indicates that
the notes are vulnerable to nonpayment.  The notes were issued
by New ASAT (Finance) Ltd. and are guaranteed by ASAT.

ASAT's cash position is extremely weak, based on the company's
financial disclosures as at April 30, 2007, with only US$7.3
million in unrestricted cash.  The company has paid its US$6.9
million semi-annual interest payment on the senior notes and its
accumulated penalty interest.

"ASAT's ability to make its next interest payment is highly
dependent on its ability to secure new financing arrangements,"
said Standard & Poor's credit analyst Jacphanie Cheung.  "The
negative outlook reflects the company's very weak cash position,
heavy interest burden, persistent operating losses, and limited
financial flexibility."

Bondholders have agreed to waive or relax certain covenants.
For example, they have lifted the restrictions on the value of
assets that its subsidiary in China, ASAT Semiconductor
(Dongguan) Ltd., may hold.  The new arrangements could give the
company added flexibility to secure financing from banks in
China.

However, under a liquidation scenario, claims on the current
senior notes could become subordinated to obligations (secured
or unsecured) incurred by the company's operating subsidiaries
in China.  The issue rating could be lowered if subsidiary
borrowings exceed 15% of ASAT's consolidated assets.

ASAT is a small operator in the highly fragmented and
competitive semiconductor sector.  Standard & Poor's has very
limited access to the company's management and financial
information.  The rating is based on publicly available
information.

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of
semiconductor package design, assembly and test services.  With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The company has operations in the United States, Hong
Kong, China, and Germany.


AUDIO-VIDEO-SERVICE: Creditors Must File Claims by October 8
------------------------------------------------------------
Creditors of Audio-Video-Service F & G GmbH have until Oct. 8 to
register their claims with court-appointed insolvency manager
Rolf Otto Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on Oct. 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Audio-Video-Service F & G GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Audio-Video-Service F & G GmbH
         Kleine Hammerstrasse 13
         45326 Essen
         Germany

         Attn: Hermann-Josef Fenke, Manager
         Ofenbank 21
         45279 Essen
         Germany


BACKWAREN FINGERHUT: Claims Registration Period Ends Oct. 15
------------------------------------------------------------
Creditors of Backwaren Fingerhut GmbH have until Oct. 15 to
register their claims with court-appointed insolvency manager
Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Backwaren Fingerhut GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Backwaren Fingerhut GmbH
         Muelheimer Str. 86
         45145 Essen
         Germany

         Attn: Jutta Fingerhut, Manager
         Wolfsbankstr. 42
         45355 Essen
         Germany


BIB BAU- UND INDUSTRIEBEDARF: Claims Registration Ends October 4
----------------------------------------------------------------
Creditors of BIB Bau- und Industriebedarf GmbH have until Oct. 4
to register their claims with court-appointed insolvency manager
Dr. Andreas Roepke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C207
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Andreas Roepke
         Muelheimer Strasse 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against BIB Bau- und Industriebedarf GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BIB Bau- und Industriebedarf GmbH
         Lanterstr.34 c
         46539 Dinslaken
         Germany

         Attn: Joachim Zimmermann, Manager
         Bruederstr.57
         46145 Oberhausen
         Germany


BIO REITER: Claims Registration Period Ends Oct. 13
---------------------------------------------------
Creditors of Bio Reiter GmbH have until Oct. 13 to register
their claims with court-appointed insolvency manager Dr. Bruno
Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Muenchen
         Germany
         Tel: 99299-0
         Fax: 99299-299
         Website: www.kuebler-gbr.de


The District Court of Munich opened bankruptcy proceedings
against Bio Reiter GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bio Reiter GmbH
         Attn: Dr. Otto Wuerl, Manager
         Parsdorfer Weg 10
         85551 Kirchheim
         Germany


CATTO ANIMATION: Claims Registration Ends Sept. 28
--------------------------------------------------
Creditors of Catto Animation Deutschland GmbH have until
Sept. 28 to register their claims with court-appointed
insolvency manager Gudrun Hopf.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Gudrun Hopf
         Hilblestr. 7
         80636 Munich
         Germany
         Tel: 089/183690
         Fax: 089/184160

The District Court of Munich opened bankruptcy proceedings
against Catto Animation Deutschland GmbH on Aug. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Catto Animation Deutschland GmbH
         Lenbachplatz 7
         80333 Munich
         Germany


CHRYSLER LLC: Health Fund Remains Main Sticking Point in Talks
--------------------------------------------------------------
Detroit's “big three” automakers and the United Auto Workers are
continuing to hammer out vital points concerning the biggest
issue in its contract negotiations –- the  creation of a
multibillion-dollar, union-controlled health care trust fund,
Jeffrey Mccracken writes for the Wall Street Journal, citing
people familiar with the matter.

According to the report, sources close to the matter claim that
the parties involved have largely come to agreement on issues
such as health care inflation and actuarial figures about the
721,000 active workers, retirees and spouses covered by the auto
makers.   The trust fund is expected to cut about US$95 billion
from the carmakers' retiree costs.

The three automakers are believed to be pushing to finance the
health care fund at no more than 70 cents on the dollar, which
would create a trust fund in excess of US$60 billion, making it
one of the largest investment funds in the country, WSJ states.

However, a huge gap remains between funding proposed by the auto
makers and the level discussed by the UAW, described as "still
well into the several-billion-dollars range" by a person
familiar with the talks, although the two have narrowed the gap
over the past week, WSJ relates.  The UAW is amenable to
creating a trust fund for retiree health-care benefits as long
as all of the parties involved can reach an agreement on funding
terms.

While the contract negotiations continue, the UAW has helped GM,
Ford and Chrysler in their respective turnaround efforts by
reducing the number of workers eligible for "jobs bank" programs
through buyout programs that have cut over 55,000 factory jobs,
Reuters reports, quoting UAW president Ron Gettelfinger.

Under the jobs bank provision, workers get paid nearly their
full salaries if they are laid off.  As part of the jobs bank,
workers can do volunteer community work or go to school or just
report to the plant, Jui Chakravorty writes for Reuters.

Mr.  Gettelfinger had earlier said that the jobs bank was "not
an issue" but after the UAW gave up union jobs, he would not go
into these talks "in a concessionary mode."  The jobs bank
benefit is part of the concerns to be discussed in the ongoing
talks, Reuters says.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                          *    *    *

The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.


DIERKS GMBH: Claims Registration Ends Sept. 28
----------------------------------------------
Creditors of Dierks GmbH & Co. Grundstuecks KG have until
Sept. 28 to register their claims with court-appointed
insolvency manager Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: (040) 89956-0
         Fax: (040) 89956-10

The District Court of Walsrode opened bankruptcy proceedings
against Dierks GmbH & Co. Grundstuecks KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dierks GmbH & Co. Grundstuecks KG
         Westerwalseder Strasse 6
         27386 Kirchwalsede
         Germany


EMA-PLAY SPIELHALLEN: Claims Registration Period Ends Oct. 15
-------------------------------------------------------------
Creditors of "ema-play" Spielhallen GmbH have until Oct. 15 to
register their claims with court-appointed insolvency manager
Hans-Albrecht Brauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Hans-Albrecht Brauer
         Jahnstr. 1
         54550 Daun
         Germany
         Tel: 06592/985604
         Fax: 06592/7344

The District Court of Wittlich opened bankruptcy proceedings
against "ema-play" Spielhallen GmbH on Sept. 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         "ema-play" Spielhallen GmbH
         Raiffeisenstr. 10
         54568 Gerolstein
         Germany

         Attn: Elmar Stephan May, Manager
         Pestalozzistr. 23
         95368 Gerolstein
         Germany


GRUNDSTUECKSGESELLSCHAFT DIERKS: Claims Filing Ends Sept. 28
------------------------------------------------------------
Creditors of Grundstuecksgesellschaft Dierks GmbH & Co. KG have
until Sept. 28 to register their claims with court-appointed
insolvency manager Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: (040) 89956-0
         Fax: (040) 89956-10

The District Court of Walsrode opened bankruptcy proceedings
against Grundstuecksgesellschaft Dierks GmbH & Co. KG on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Grundstuecksgesellschaft Dierks GmbH & Co. KG
         Konrad-Adenauer-Allee 4
         06366 Koethen
         Germany


GUSTAV BERGMANN: Claims Registration Ends October 5
---------------------------------------------------
Creditors of Gustav Bergmann Moebel GmbH & Co. KG have until
Oct. 5 to register their claims with court-appointed insolvency
manager Dr. Per Hendrik Heerma.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Per Hendrik Heerma
         Jungfernstieg 50
         20354 Hamburg
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Gustav Bergmann Moebel GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gustav Bergmann Moebel GmbH & Co. KG
         Attn: Stefan Bergmann and Gerd Meurer, Managers
         Haferbachstr. 9-15
         32791 Lage
         Germany


HELLHAUS GMBH: Claims Registration Ends Sept. 28
------------------------------------------------
Creditors of Hellhaus GmbH have until Sept. 28 to register their
claims with court-appointed insolvency manager Dr. Hans von
Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11 a
         80333 Munich
         Germany
         Tel: 5427300

The District Court of Munich opened bankruptcy proceedings
against Hellhaus GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hellhaus GmbH
         Schwanthalerstr. 31
         80336 Munich
         Germany


HERTH GASTRONOMIE: Claims Registration Ends October 1
-----------------------------------------------------
Creditors of Herth Gastronomie-Betriebsgesellschaft mbH have
until Oct. 1 to register their claims with court-appointed
insolvency manager Frank Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank Weber
         Theodor Heuss-Anlage 12
         68165 Mannheim
         Germany
         Tel: 0621/422900

The District Court of Mannheim opened bankruptcy proceedings
against Herth Gastronomie-Betriebsgesellschaft mbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Herth Gastronomie-Betriebsgesellschaft mbH
         Attn: Isabelle Herth, Manager
         Friedrichsring 4
         68161 Mannheim
         Germany


HWZ HAUSWIRTSCHAFTSDIENSTE: Creditors Must File Claims October 5
----------------------------------------------------------------
Creditors of HWZ Hauswirtschaftsdienste GmbH Mandelbachtal
have until Oct. 5 to register their claims with court-appointed
insolvency manager Dominica Wolff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 2, at which time the insolvency
manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dominica Wolff
         Lilienthalstrasse 9
         66740 Saarlouis
         Germany
         Tel: (06831) 173 241
         Fax: (06831) 173 220

The District Court of Saarbruecken opened bankruptcy proceedings
against HWZ Hauswirtschaftsdienste GmbH Mandelbachtal
on Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HWZ Hauswirtschaftsdienste GmbH Mandelbachtal
         Kohlenstr. 66
         66386 St Ingbert
         Germany


MEGAFIT GMBH: Claims Registration Period Ends Oct. 12
-----------------------------------------------------
Creditors of MegaFit GmbH have until Oct. 12 to register their
claims with court-appointed insolvency manager Hans-Ulrich Kloz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E09
         Engelhardstrasse 21
         63450 Hanau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Hans-Ulrich Kloz
         Gerichtsfach 75
         Kurt-Blaum-Platz 1
         D 63450 Hanau
         Germany
         Tel: 06181/93210
         Fax: 932120
         E-mail: info@kloz-hahn.de

The District Court of Hanau opened bankruptcy proceedings
against MegaFit GmbH on Aug. 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MegaFit GmbH
         Philipp-Reis-Str. 9
         63486 Bruchkoebel
         Germany

         Attn: Gustav Mueller, Manager
         Hauptstr. 14
         63477 Maintal
         Germany


NEUMANN VERTRIEB: Creditors Must File Claims by October 8
---------------------------------------------------------
Creditors of Neumann Vertrieb & Service GmbH have until Oct. 8
to register their claims with court-appointed insolvency manager
Arne Brumm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Arne Brumm
         Koenigstrasse 17
         39116 Magdeburg
         Germany
         Tel: 0391/ 5971240
         Fax: 0391/ 5971241

The District Court of Magdeburg opened bankruptcy proceedings
against Neumann Vertrieb & Service GmbH on Sept. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Neumann Vertrieb & Service GmbH
         Calbenser Weg 10
         39240 Loedderitz
         Germany


SCHWICHTENBERG FOOD: Claims Registration Period Ends Oct. 26
------------------------------------------------------------
Creditors of Schwichtenberg Food & More GmbH have until Oct. 26
to register their claims with court-appointed insolvency manager
Michael W. Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael W. Kuleisa
         Speersort 4-6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Schwichtenberg Food & More GmbH on Aug. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schwichtenberg Food & More GmbH
         Attn: Dieter Otto Albert Schwichtenberg, Manager
         Hovestrasse 72
         20539 Hamburg
         Germany


TETZ BACKES: Claims Registration Ends October 2
-----------------------------------------------
Creditors of Tetz Backes GmbH have until Oct. 2 to register
their claims with court-appointed insolvency manager Winfried
Bongartz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Oct. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Winfried Bongartz
         Brucknerallee 6
         41236 Moenchengladbach
         Germany
         Tel: 02166/6189898
         Fax: +4921666189888

The District Court of Moenchengladbach opened bankruptcy
proceedings against Tetz Backes GmbH on Sept. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Tetz Backes GmbH
         Attn: Max Tetz, Manager
         Konstantinstrasse 117
         41238 Moenchengladbach
         Germany


TEXTILE FINISHING: Claims Registration Period Ends Oct. 26
----------------------------------------------------------
Creditors of Textile Finishing Sparneck GmbH have until Oct. 26
to register their claims with court-appointed insolvency manager
Bernd Schneiderbanger.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Nov. 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Bernd Schneiderbanger
         Kreuzsteinstrasse 41
         95028 Hof
         Germany
         Tel: 09281/71550
         Fax: 09281/715555

The District Court of Hof opened bankruptcy proceedings against
Textile Finishing Sparneck GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Textile Finishing Sparneck GmbH
         Muenchberger Str. 57
         95234 Sparneck
         Germany


TOP FARBBILDDISCOUNT: Claims Registration Period Ends Oct. 26
-------------------------------------------------------------
Creditors of Top Farbbilddiscount GmbH have until Oct. 26 to
register their claims with court-appointed insolvency manager
Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Joerg Bornheimer
         Sporergasse 7
         50667 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Top Farbbilddiscount GmbH on Aug. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Top Farbbilddiscount GmbH
         Koelner Str. 35
         51379 Leverkusen
         Germany


WAGNER WERTPAPIERHANDELSHAUS: Claims Registration Ends Oct. 29
--------------------------------------------------------------
Creditors of Wagner Wertpapierhandelshaus GmbH have until
Oct. 29 to register their claims with court-appointed insolvency
manager Michael W. Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael W. Kuleisa
         Speersort 4-6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Wagner Wertpapierhandelshaus GmbH on Aug. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wagner Wertpapierhandelshaus GmbH
         Attn: Uwe Eilers, Manager
         Esplanade 6
         20354 Hamburg
         Germany


===========
G R E E C E
===========


EASTMAN KODAK: S&P Holds B+ Rating and Removes Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Eastman Kodak Co., and removed the ratings from
CreditWatch, where they had been placed with negative
implications on Aug. 2, 2006.  The outlook is negative.

At the same time, S&P raised the ratings on the company's
US$1 billion senior secured revolving credit facility to 'BB,'
two notches above the corporate credit rating, from 'B+', and
revised the recovery rating to '1,' reflecting the expectation
of very high (90%-100%) recovery in the event of a payment
default, from '2'.  The bank loan and recovery rating revision
follows an analysis of the collateral pledged to the remaining
US$1 billion revolving credit facility.

"We have affirmed the ratings," said Standard & Poor's credit
analyst Tulip Lim, "based on our comfort that still-meaningful
cash balances provided by the sale of the Health Group support
intermediate-term business reinvestment and liquidity."  The
negative outlook conveys our continued concerns regarding the
overall business, the likelihood of success with respect to
management's digital business strategy, and uncertainty that
substantial restructuring involving cash payments will soon be
over.

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.


=============
H U N G A R Y
=============


SUN MICROSYSTEMS: Inks Deal to Acquire Majority of Cluster File
---------------------------------------------------------------
Sun Microsystems Inc. has executed a definitive agreement
pursuant to which Sun will acquire the majority of Cluster File
Systems Inc.'s intellectual property and business assets,
including the Lustre File System.

By acquiring Cluster File Systems Inc., Sun intends to add
support for the Solaris (TM) Operating System on Lustre and
plans to continue enhancing Lustre on Linux and Solaris OS
across multi vendor hardware platforms.

Sun also plans to deliver Lustre servers on top of Sun's open
source Solaris ZFS solution, which is one of the growing storage
virtualization technologies in the marketplace.

The agreement further extends Sun's momentum in open source and
Solaris and complements the company's current direction to
provide the industry's most complete end-to-end High Performance
Computing storage solution.

"This acquisition, coupled with the recent statement of the Sun
Constellation System, the most open petascale capable HPC
architecture in the industry, shows our long-term commitment to
the open source community and leadership in HPC," John Fowler,
executive vice president, Systems Group, Sun Microsystems Inc.,
said.  "Adding the Lustre technology to our already broad and
innovative product line-up will strengthen our portfolio and
enable Sun and our partners to offer customers an even more
complete and open HPC solution."

"Lustre provides network centric scalability for storage that is
well matched with the complete and open Sun Constellation System
architecture for petascale levels of performance," says Peter
Braam, CEO, Cluster File System Inc.  "This is a clean and
extremely scalable approach to provide high bandwidth and low
latency access to large amounts of data for HPC applications."

"Our team is tremendously excited about joining Sun and
furthering the mission of extreme scale computing," Mr. Braam
added.  "We have already worked together to deliver several
large clusters, for example the fastest supercomputer in Asia at
Tokyo Tech and we're now in the process of installing a 500+
TeraFlop and 1.7 PetaByte cluster at Texas Advanced Computing
Center."

The transaction is subject to customary closing conditions and
is expected to be completed in the beginning of Sun's second
fiscal quarter, beginning Oct. 1, 2007.  The terms of the deal
were not disclosed as the transaction is immaterial to Sun's
earnings per share.

                About Cluster File Systems Inc.

Headquartered in Boulder, Colorado, Cluster File Systems Inc. --
http://www.clusterfs.com/-- is into high-performance, scalable
cluster file system technology.  Experience, insights, and
engineering have enabled CFS to surpass the scalability limits
of modern computing.  The company's Lustre File System powers
clusters with ten of thousands of nodes and petabytes of data,
delivering parallel I/O and metadata throughput on many of the
Linux-based supercomputers.  CFS provides technical support,
training, and engineering services, and is actively working with
storage and cluster vendors to develop the next generation of
intelligent storage devices.  The Lustre File System for Linux
is open source software developed and maintained by CFS.

                  About Sun Microsystems Inc.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                         *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


=============
I R E L A N D
=============


STRUCTURED CREDIT: Irish Court Appoints Restructuring Examiner
--------------------------------------------------------------
Justice Mary Finlay Geoghegan of the High Court of Ireland has
appointed an examiner to oversee Structured Credit's
restructuring proceedings, Eamon Quinn writes for the
International Herald Tribune.

The ruling endorses the company's request to restructure rather
than liquidate as the court believes Structured Credit have a
chance to survive if it could raise US$125 million from
shareholders, IHT relates.

As reported in the TCR-Europe on Aug. 21, 2007, Nomura
International plc, claimed more than EUR48 million in debts
against the firm, which prompted Structured Credit to seek
creditor protection.

SCC's shareholders have pledged to invest US$125 million to
facilitate the company's restructuring plan.

Headquartered in Dublin, Ireland, Structured Credit Company --
http://www.structuredcredit.com/-- underwrites a wide variety
of structured credit products that provide credit risk transfer
services to leading financial institutions.  The company has
subsidiaries in New York and London.

SCC went into provisional liquidation on Aug. 17, 2007, with
debts amounting to EUR259.5 million (US$350 million).  It is the
first Irish company to collapse as a direct result of the
volatility in global markets and the crisis in the U.S. mortgage
market.

The Irish court later revoked the liquidation ruling and named
an interim examiner to explore restructuring as an option.


W.R. GRACE: Andrew Bonham to Lead Construction Products Biz Unit
----------------------------------------------------------------
W.R. Grace & Co. has elected Andrew Bonham as its Vice President
and named President of its Construction Products business unit.

Mr. Bonham joined Grace in 2005 as vice president and general
manager of Grace Construction Products European operations,
headquartered in Brussels, Belgium.  Prior to joining Grace, Mr.
Bonham was president of Invensys Controls-America.  He also held
positions of increasing responsibility at General Electric and
Honeywell before joining Invensys Controls.  He graduated from
Virginia Polytechnic Institute with a degree in Mechanical
Engineering and earned an MBA at Averett University.

"Andrew has done a terrific job at Grace leading its
construction business in Europe, the Middle East and India,"
said Fred Festa, Grace President & CEO.  "He is a proven leader,
highly energetic and possesses a strong commitment to his
customers.  I am confident that he will continue to grow our
construction business around the world and reinforce our
reputation as the leading innovator in specialty construction
products."

Grace Construction Products is an approximately US$1 billion
global business with facilities, sales and technical services
support in more than 25 countries.  Its principal products
include specialty admixtures for the cement and concrete
industry, and waterproofing, residential building materials, and
fire protection products for the construction industry.  It is
headquartered in Cambridge, Massachusetts.

                     About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including
Argentina, Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represents the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.


=========
I T A L Y
=========


PARMALAT SPA: Earns EUR244.3 Million for First Half 2007
--------------------------------------------------------
The Parmalat Group posted EUR244.3 million in net profit on
EUR1.81 billion in net revenues for the first half ended
June 30, 2007, compared with EUR17 million in net profit on
EUR1.76 billion in net revenues for the same period ended
June 30, 2006.

The Group’s net financial position improved significantly during
the first half of 2007, with the balance moving from
indebtedness of EUR170 million to net financial assets totaling
EUR58.9 million, for a net gain of EUR228.9 million compared
with Dec. 31, 2006.

These developments account for most of this improvement:

   -- the cash flow from operations, net of changes in operating
      working capital and after capital expenditures and income
      tax payments, amounted to EUR39.1 million;

   -- cash from litigation settlements totaled EUR237.4 million,
      which is the net result of legal costs amounting to
      EUR40.9 million (related both to 2006 and 2007 years) and
      proceeds of EUR278.3 million generated by settlements
      reached during the first half of 2007;

   -- cash flow from non-recurring transactions totaled
      EUR7.1 million.  This amount is mainly the net
      result of proceeds generated by the disposal of non-
      strategic non-current assets (EUR22.8 million), less
      outlays of EUR11.2 million for acquisitions of equity
      investments (including EUR8.1 million paid by Parmalat
      S.p.A. to buy back the interests held by minority
      shareholders in two subsidiaries in Russia and Romania);
      and

   -- the cash flow from financial transactions reflects net
      financial income of EUR5.3 million, dividend payments
      totaling EUR43.4 million and proceeds of EUR7.0 million
      generated by the exercise of warrants.  Sundry items
      totaled EUR23.6 million net.

Events occurring after June 30, 2007 that had a material impact
on the Group’s net financial position included the collection of
EUR187.8 million generated by the sale of the Spanish operations
on July 4, 2007, and the collection of EUR28.7 million generated
by the sale of the business operations of Boschi Luigi & Figli
S.p.A. on July 2, 2007.

                 Outlook for the Balance of 2007

The outlook results for the first half of 2007 were in line with
expectations, despite a less than positive performance by the
Venezuelan operations, confirming that the growth and
consolidation trend enjoyed by the Parmalat Group is continuing
in terms both of revenues and profitability of EBITDA.

Targets for growth are in line with expectations, despite the
continuous increase in the price of raw milk (both powdered and
liquid), in part offset by an adjustment in pricing policy
excluding the delta perimeter of Boschi and Spain of around
EUR15 million, and the Venezuela effect of around EUR7 million.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


TRW AUTOMOTIVE: Brings Integrated Safety to Vehicle Markets
-----------------------------------------------------------
TRW Automotive Holdings Corp. is demonstrating its success in
integrated safety systems by working closely with vehicle
manufacturers to bring the benefits of integrated safety
technologies to end consumers across a range of vehicle
applications.

John C. Plant, president and chief executive officer, TRW
Automotive said:  "TRW's integrated safety concept recognizes
that the company can help to provide enhanced safety benefits
for drivers and passengers through combining active and passive
systems using environmental sensors.  Over the previous two
years, we've collaborated with vehicle manufacturers to help
develop integrated safety functions with an eye toward bringing
the advantages to wider vehicle markets such as mid-size to
smaller cars."

TRW is providing the platform for a range of integrated safety
functions on a major European mid-class vehicle model due to
start production in 2008.  The vehicle features TRW's Electronic
Stability Control braking system and Electrically Powered
Steering, in addition to video sensing to enable integrated
vehicle control systems such as Lane Departure Warning/Lane
Guidance and Steering Torque Control.

This vehicle is expected to include the first launch of TRW's
video camera technology integrated with Electric Power Steering
to enable haptic lane feedback and assist with lane keeping.  In
this system the video camera detects when the vehicle is
drifting toward the lane markings and the electric steering then
applies the proper torque to assist the driver in keeping the
vehicle in its lane.

"We believe this vehicle will be one of the most technologically
advanced in the world," said Alois Seewald, global director,
Research and Development for TRW.  "The combination of
electronically controlled braking and steering with
environmental sensors help give a clear picture of the driving
environment and road conditions as well as the driver's intended
path."

With this information the system functions can work together to
support the driver through warnings if a potentially dangerous
situation is sensed, 'coach' the driver to steer in the proper
direction to restore vehicle control, or brake wheels
individually and cut engine torque if necessary.  The systems
will also enable park assist for automated parallel parking.

TRW will also be providing its Active Control Retractor (ACR)
seatbelt technology to a major Korean vehicle manufacturer in
2008 which will work in combination with a radar-based Adaptive
Cruise Control system.  TRW was first to market when it launched
the ACR technology with Mercedes on S Class models in 2002.

Mr. Seewald continued: "This exciting vehicle launch is an
example of active and passive systems working in tandem.  The
ACR can use sensor information from driver assist systems radar
or vision systems to sense when a vehicle is approaching a
target too quickly.  If this occurs the ACR system removes the
seatbelt slack to help better position the occupant in relation
to the vehicle's airbag restraint system in case of a crash and
resets itself if it is avoided."

"Such new vehicles are a landmark in safety integration,"
summarized Mr. John C. Plant, president and chief executive
officer, TRW Automotive.  "The combination of active braking,
steering, suspension and driver assist systems helps to open a
world of possibilities for vehicle safety that is fast becoming
a reality in today's vehicle market."

                   About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries, including Brazil, China, Germany
and Italy.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services.

                       *     *     *

Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT
Issuer Default rating and 'BB-' on its Unsecured Debt rating.
Fitch said the outlook is stable.


XEROX CORPORATION: To Acquire Advectis for US$32 Million
--------------------------------------------------------
Xerox Corporation plans to buy Advectis(R), Inc. for US$32
million.  Advectis is the provider of one of the mortgage
industry's most widely-used solutions for electronic document
collaboration.

Xerox's expertise in document outsourcing and services led the
company to Advectis, a privately-owned business based in
Atlanta.  In a predominately paper-based industry, Advectis'
Web-based BlitzDocs Collaboration Suite helps lenders, brokers
and investors manage the process needed to underwrite, audit,
collaborate, deliver and archive loan documents electronically.
Taking paper out of the process, the BlitzDocs(R) patented
technology helps users reduce costs associated with the lending
process, deliver better service, decrease credit risk by
improving documentation processes and build a competitive
advantage in capturing new loan applications.

"Anyone who has ever bought a home knows that the mortgage
business is dependent on paper.  Filling out an extensive number
of forms is time and labor-intensive work," said John Kelly,
president, Xerox Global Services North America.  "We're looking
to help clients reduce costs and transform their business by
offering a better experience for both end-users and operations.
Xerox's expertise in automating document processes is an ideal
fit with Advectis' BlitzDocs paperless solution for mortgages.
In an industry that is ripe for change, Advectis offers
technology that improves productivity for its users while giving
lenders better control of their processes."

According to Craig Focardi, research area director for the
retail banking practice of research firm TowerGroup, "Enterprise
content management systems are reducing the great paper chase in
loan origination, where a lender controls the paper loan file
and manually redistributes documents multiple times to multiple
parties.  Lenders are increasingly adopting document imaging and
electronic content management as a major area of cost savings,
faster loan processing and improved customer service."

The amount of paper associated with this industry leads to
inefficient processes which, best case, are productivity drains
and, worst case, can lead to a loss of control in the quality of
the loans.  TowerGroup estimates document management costs in
loan origination totaled US$3.2 billion last year.

A BlitzDocs electronic loan folder mirrors the paper loan folder
used today but improves efficiencies in the loan cycle, allowing
mortgage participants to view and process online documents
anytime, anywhere.  Clients benefit from a network with more
than 35,000 broker shops, the top seven mortgage insurance
companies and four of the top due diligence providers.

"With this acquisition, Advectis is positioned to create even
stronger offerings, services and technologies for our clients,"
said Greg Smith, co-founder and chief executive officer of
Advectis.  "Partnering with Xerox makes perfect sense for the
future of our business.  Our combined expertise and resources
means increased collaboration and decreased loan processing
costs for BlitzDocs users."

Advectis was founded in 2000 and currently employs about 41
people, most of whom are based at the company's headquarters in
Atlanta.  Upon completion of the acquisition, all employees are
expected to join Xerox. Smith will remain head of the
organization, reporting to Kelly.

Xerox's all-cash purchase of Advectis also includes an
additional performance-based supplement to the sale price.  The
acquisition is expected to close in the next 30 days, subject to
customary closing conditions.

Xerox's industry-leading document technology and services
portfolio includes consulting and outsourcing services, records
management, digital imaging, e-discovery for litigation support
and managed services in more than 160 countries.

Through its acquisition strategy, Xerox is identifying
successful companies whose offerings align with Xerox's
commitment to innovation and reducing the complexity of document
management.  Last year, Xerox acquired Amici LLC, a leading
provider of electronic-discovery services, primarily supporting
litigation and regulatory compliance, and XMPie, which provides
variable information software for the graphic arts and marketing
industries.

                      About Xerox Corp.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Fitch Ratings has affirmed Xerox Corp.'s and its
subsidiary's ratings:

  Xerox Corp.

    -- Trust preferred securities at 'BB';
    -- Issuer Default Rating at 'BBB-';
    -- Unsecured credit facility at 'BBB-'; and
    -- Senior unsecured debt at 'BBB-'.

  Xerox Credit Corp.

    -- Issuer Default Rating at 'BBB-'; and
    -- Senior unsecured debt at 'BBB-'.

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Standard & Poor's Ratings Services placed its
ratings on Xerox Corp., including the 'BB+' corporate credit
rating, on CreditWatch with positive implications.  The
CreditWatch placement reflects the company's announcement that
it has reached an agreement in principle to acquire Global
Imaging Systems Inc. for approximately US$1.5 billion in cash.


===================
K A Z A K H S T A N
===================


AGYBAI LLP: Proof of Claim Deadline Slated for Oct. 19
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agybai insolvent.

Creditors have until Oct. 19 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


AMIL LLP: Creditors Must File Claims Oct. 19
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Amil insolvent.

Creditors have until Oct. 19 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


ANASTASIYA LLP: Claims Filing Period Ends Sept. 20
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Anastasiya insolvent.

Creditors have until Sept. 20 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str.17 (11a)
         Taraz
         Jamby
         Kazakhstan


AS-TORG LLP: Creditors' Claims Due on Oct. 19
---------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP As-Torg insolvent.

Creditors have until Oct. 19 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanov Str. 71-68
         Astana
         Kazakhstan
         Tel: 8 (3172) 21-48-16


GAISA LLP: Claims Registration Ends Oct. 19
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Gaisa insolvent.

Creditors have until Oct. 19 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


MANGISTAU ELECTRICITY: Fitch Rates IDR at BB+; Stable Outlook
-------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan's regulated regional
electricity distribution company Mangistau Electricity
Distribution Network Company a Long-term Issuer Default rating
of 'BB+', a Short-term IDR of 'B' and a National Long-term
rating of 'A+(kaz)'.  The Outlooks on the Long-term IDR and the
National Long-term rating are Stable.  In addition, Fitch has
assigned MEDNC's domestic bonds senior unsecured foreign and
local currency ratings of 'BB+'.

The proposed ratings are based on MEDNC's near-monopoly position
in electricity transmission and distribution in Mangistau, one
of Kazakhstan's strategic oil and gas regions; an expectation of
economic development and expansion in the region both in
relation to oil and gas business and certain other industries;
its regulatory framework, continued majority State ownership via
Samruk, and implied state support as well as its sound financial
profile.

The ratings are linked to the Republic of Kazakhstan ('BBB' /
Positive Outlook) but notched down to reflect the fact that
little indication has been given by MEDNC's parent, State-owned
holding company Samruk, that in case of financial distress the
parent will provide timely financial assistance.  The ratings
are also constrained by prospective high capital expenditure
requirements relative to the small scale of its operations.
This results in limited prospective capacity to generate cash to
finance the company's ambitious investment program.

In addition, the ratings are based on the assumption that MEDNC
will proceed with its IPO plans and that the State's stake will
not reduce to below 50 % + one share after the IPO.  In the
event that the State's shareholding becomes lower than 50 % +
one share, MEDNC will be de-linked from the sovereign.  Any
future rating changes will therefore depend on MEDNC's resultant
standalone financial profile and credit metrics.  If MEDNC
elects not to proceed with the IPO, and the state remains a
beneficial owner of 100 % of MEDNC, the two-notch differential
from the sovereign rating would likely be maintained.

The Stable Outlook reflects Fitch's expectations that MEDNC will
be able to maintain a sound financial profile and good credit
metrics and achieve timely implementation of its investment
program.

Currently, MEDNC is moderately leveraged with KZT1.7 billion of
debt currently outstanding.  The debt is represented by three
unsecured fixed-rate bond issues under the debut domestic bond
program registered in 2005, of which KZT8.16 billion is unused.
Maturities of the aforementioned bonds are 2010, 2011 and 2012.

MEDNC is a state-owned near-monopoly regional electricity
distribution company which services the region of Mangistau
(with the exception of the city of Aktau) located in the south-
west of Kazakhstan near the Caspian Sea.  It accounts for 2.5 %
of Kazakhstan's transmission and distribution.  MEDNC's fiscal
year 2006 revenues, 95 % of which were generated from regulated
activities, were KZT2.2 billion (US$17.1 million).  MEDNC's
share of the Mangistau electricity distribution market is 90 %.


NIKOLAS LLP: Proof of Claim Deadline Slated for Oct. 12
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Nikolas insolvent.

Creditors have until Oct. 12 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Valihanov Str. 19-149
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


NNS-PROLOGIC LLP: Creditors Must File Claims Oct. 19
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Nns-Prologic insolvent.

Creditors have until Oct. 19 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanov Str. 71-68
         Astana
         Kazakhstan
         Tel: 8 (3172) 21-48-16


OLTIS LLP: Claims Filing Period Ends Sept. 27
---------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Oltis insolvent.

Creditors have until Sept. 27 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


SILICH & K: Creditors' Claims Due on Sept. 27
---------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Silich & K. insolvent.

Creditors have until Sept. 27 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (3162) 25-79-32


VOKZAL-SERVICE JSC: Claims Registration Ends Oct. 19
----------------------------------------------------
Southern Regional Branch of JSC Vokzal-Service has declared
insolvency.  Creditors have until Oct. 19 to submit written
proofs of claims to:

         Southern Regional Branch of
         JSC Vokzal-Service
         Furmanov Str. 127
         Almaty
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


REGIONAL TRANS: Proof of Claim Deadline Slated for October 19
-------------------------------------------------------------
LLC Regional Trans Service Ltd. has declared insolvency.
Creditors have until Oct. 19 to submit written proofs of claim
to:

         LLC Regional Trans Service Ltd.
         Abdrahmanov Str. 201
         Bishkek
         Kyrgyzstan


=====================
N E T H E R L A N D S
=====================


FOOT LOCKER: Warns Non-Compliance with Fixed Charge Ratio
---------------------------------------------------------
Foot Locker Inc. disclosed in a filing with the U.S. Securities
and Exchange Commission that based on its second quarter
financial results and business uncertainties for the second half
of the year, it may not continue to be in compliance with the
fixed charge coverage ratio.

In addition, the company adds, the restricted payment provision
may prohibit the company from the payment of the dividend at the
current rate in 2008.

In the event that the company does not satisfy one or more of
the covenants, it will evaluate several options and expects that
it would be able to obtain a waiver, amend the agreement, or
enter into a new credit facility.

                       Credit Facility

The company discloses that it has a US$200 million revolving
credit facility. Other than to support standby letter of credit
commitments, of which US$14 million were in place at Aug. 4,
2007, the revolving credit facility has not been used during
2007.

In 2004, the company obtained a 5-year, US$175 million
amortizing term loan from the bank group participating in the
revolving credit facility, of which US$88 million is outstanding
as of Aug. 4, 2007.  Under the company's revolving credit and
term loan agreement the company is required to satisfy certain
financial and operating covenants, including a minimum fixed
charge coverage  ratio.  In addition, this agreement restricts
the amount the company may expend in any year for dividends to
50% of its prior year's net income.

                        About Foot Locker

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, The Netherlands
and Australia under the brand names Foot Locker, Footaction,
Lady Foot Locker, Kids Foot Locker, and Champs Sports.  The
company also has about 350 Footaction stores in the US and
Puerto Rico, which sell footwear and apparel to young urbanites.


FOOT LOCKER: S&P Retains BB+ Ratings Under Negative Watch
---------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings,
including the 'BB+' corporate credit rating, on New York City-
based specialty footwear retailer Foot Locker Inc. will remain
on CreditWatch with negative implications, where they were
placed on Aug. 18, 2006.

This statement follows the company's announcement that it may
not remain in compliance with its fixed-charge coverage ratio
based on actual second-quarter and anticipated second-half
performance.

"We expect that Foot Locker will be able to obtain a waiver or
amendment for the fixed-charge coverage ratio, but we will
monitor developments as they occur," said Standard & Poor's
credit analyst David Kuntz.  Additionally, the company's
restricted payment provision may prohibit dividend payments at
current levels.

                  About Foot Locker

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, The Netherlands
and Australia under the brand names Foot Locker, Footaction,
Lady Foot Locker, Kids Foot Locker, and Champs Sports.  The
company also has about 350 Footaction stores in the US and
Puerto Rico, which sell footwear and apparel to young urbanites.


GLOBAL POWER: Disclosure Statement Hearing Set for October 9
------------------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware set a hearing at 1:00 p.m., on
Oct. 9, 2007, to consider the adequacy of the Disclosure
Statement explaining Global Power Equipment Group Inc., and its
debtor-affiliates' Joint Chapter 11 Plan of Reorganization.

The Debtors filed their plan and disclosure statement on
September 10.

The Debtors relate that their businesses will continue to be
operated in substantially their current form.  However, debtor-
affiliates The Deltak Construction Services, Inc., and Deltak,
L.L.C., will continue to wind-down their heat recovery steam
generation business segment.

Also, pursuant to certain transactions, the Debtors utilized a
centralized cash management system wherein cash received by the
operating subsidiaries is transferred to the Global Power's cash
accounts and then subsequently transferred to subsidiaries to
meet operating needs.

                         Debtor Groups

For purposes of voting on the Plan, the Debtors relates that the
estates of certain debtor-affiliates are treated as a single
estate.  The groups are:

    * GPEG Debtor Group, comprised of:

         -- Global Power Equipment Group Inc.
         -- Global Power Professional Services, L.L.C.;

    * Braden Debtor Group, comprised of:

         -- Braden Manufacturing, L.L.C.
         -- Braden Construction Services, Inc.; and

    * Williams Debtor Group, comprised of:

         -- Williams Industrial Services Group, L.L.C.
         -- Williams Industrial Services, LLC
         -- Williams Specialty Services, LLC
         -- Williams Plant Services, LLC
         -- WSServices, LP.

The Debtors however relates that Deltak Construction Services,
Inc. and Deltak, L.L.C. will not be treated as comprising one
estate.

                       Treatment of Claims

Under the Plan, Administrative Claims and Tax Claims will be
paid in full.

1. GPEG Debtor Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Holders of Subordinated Note Claims will
receive a pro rata share of the Noteholder Settlement Amount in
accordance with the Noteholder Settlement Agreement.  Claimants
under this class are expected to recover 96% of their claims.

Holders of WARN Act (Individual) Claims will receive cash equal
to their pro rata share of the WARN Act (Individual) Settlement
Amount while holders of WARN Act (Putative Class) Claims will
receive cash equal to their pro rata share of the WARN Act
(Putative Class) Settlement Amount.  Holders under these two
classes are estimated to recover 100% of their claims.

All Equity Interests in Global Power Equipment will be
cancelled.  Holders, on the Plan Distribution Date, will receive
one share of New Common Stock in New GPEG for each share of
common stock of GPEG owned; and ratable rights proportion of
rights to acquire new common stock in New GPEG in accordance
with the Rights Offering described in the Plan.  Allowed Equity
Interest in other GPEG Debtors will be fully reinstated and
retained.

2. Williams Debtor Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Equity Interest will be fully reinstated
and retained.

3. Braden Debtor Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Equity Interest will be fully reinstated
and retained.  Holders of Subordinated Note Guarantee Claims
will receive the same treatment given to GPEG Debtors.

4. Deltak Claims

Holders of Priority Claims and Secured Claims will be paid in
full.  Holders of Subordinated Note Guarantee Claims will
receive the same treatment given to GPEG Debtors.

Holders of WARN Act (Individual) Claims will receive cash equal
to their pro rata share of the WARN Act (Individual) Settlement
Amount while holders of WARN Act (Putative Class) Claims will
receive cash equal to their pro rata share of the WARN Act
(Putative Class) Settlement Amount.  Holders under these two
classes are estimated to recover 100% of their claims.

If Deltak's general unsecured creditors accept the plan, then as
determined by the Deltak Plan Administrator, they will receive a
pro rata share of:

* the Deltak Settlement Amount of US$34 million in cash;
* the Deltak Avoidance Action Recoveries; and
* the Deltak Warranty Recoveries.

If unsecured creditors reject the plan, they will instead
receive a pro rata share of the Deltak Plan Reserve.  However,
if the Deltak Plan Reserve isn't established pursuant to the
plan, then general unsecured creditors will receive a pro rata
share, in cash, of the Alternative Deltak Settlement of US$30
million.

Equity Interest in Deltak will be reinstated and retained.

5. Deltak Construction Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Equity Interest will be fully reinstated
and retained.  Holders of Subordinated Note Guarantee Claims
will receive the same treatment given to GPEG Debtors.

                        About Global Power

Headquartered in Oklahoma, Global Power Equipment Group Inc.
(Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a
design, engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Eric Michael Sutty, Esq.,
Jeffrey M. Schlerf, Esq., Kathryn D. Sallie, Esq., and Mary E.
Augustine, Esq., at The Bayard Firm and Malka S. Resnicoff,
Esq., and Matthew C. Brown, Esq., at White & Case LLP, represent
the Debtor.  Adam G. Landis, Esq., Kerri K. Mumford, Esq., and
Matthew B. McGuire, Esq., at Landis Rath & Cobb LLP, represent
the Official Committee of Unsecured Creditors.

At Sept. 30, 2005, the Debtors' balance sheet showed total
assets of US$381,131,000 and total debts of US$123,221,000.


GLOBAL POWER: Court Extends Exclusivity Period to September 28
--------------------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware issued a fourth bridge order
extending Global Power Equipment Group Inc., and its debtor-
affiliates' exclusive period to file a chapter 11 plan until
Sept. 28, 2007.  Judge Shannon also extended the Debtors'
exclusive period to solicit acceptance of the plan to Nov. 27,
2007.

The Court has scheduled a hearing on September 28 to consider
further the Debtors' request to extend their exclusive periods.

Headquartered in Oklahoma, Global Power Equipment Group Inc.
(Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a
design, engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Eric Michael Sutty, Esq.,
Jeffrey M. Schlerf, Esq., Kathryn D. Sallie, Esq., and Mary E.
Augustine, Esq., at The Bayard Firm and Malka S. Resnicoff,
Esq., and Matthew C. Brown, Esq., at White & Case LLP, represent
the Debtor.  Adam G. Landis, Esq., Kerri K. Mumford, Esq., and
Matthew B. McGuire, Esq., at Landis Rath & Cobb LLP, represent
the Official Committee of Unsecured Creditors.

At Sept. 30, 2005, the Debtors' balance sheet showed total
assets of US$381,131,000 and total debts of US$123,221,000.


===========
P O L A N D
===========


AFFILIATED COMPUTER: Extends Contract with Hawaii Medicaid
----------------------------------------------------------
Affiliated Computer Services Inc. has extended contract with the
Hawaii Department of Human Services' Med-QUEST Division to
continue providing fiscal agent and pharmacy benefits management
(PBM) services to the state's Medicaid program.  The six-month
extensions of the two contracts are valued at a combined US$6.4
million.

ACS has provided fiscal agent and PBM services to Hawaii's
Medicaid program since 2001.

"We value our partnership with Med-QUEST and look forward to
continuing to serve the needs of Hawaiians across the state,"
said Christopher T. Deelsnyder, ACS senior vice president and
managing director, Government Healthcare Solutions.  "ACS is
known for listening to our customers, determining their business
requirements, and implementing innovative solutions for the
recipients, providers, and taxpayers in the states we serve."

Fiscal agent services provided include:

  * mailroom, claims receipt, sorting, screening and imaging;
  * third party liability;
  * claims entry, optical character recognition, claims
    resolution and adjustment;
  * prior authorization data entry; provider remittance advice
    and distribution;
  * claims payment (check and Electronic Funds Transfer) cash
    control and bank accounts;
  * provider call center, training, and publications;
  * Electronic Data Interchange claims submission;
  * automated PA entry for waiver services;
  * quality assurance and report card;
  * Automated Voice Response for eligibility verification; and
  * ID card processing.

PBM services include pharmacy claims processing, automated prior
authorizations, call center prior authorizations, drug rebate
administration, a Healthcare Common Procedure Coding System
(HCPCS) crosswalk table, and help desk services.

                 About Affiliated Computer

Affiliated Computer Services Inc. (NYSE: ACS) --
http://www.AffiliatedComputer-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                       *     *     *

Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.


===========
R U S S I A
===========


ALFA-OBL-STROY: Creditors Must File Claims by Sept. 25
------------------------------------------------------
Creditors of CJSC Alfa-Obl-Stroy (TIN 7453037964) have until
Sept. 25 to submit proofs of claim to:

         E. Bogdanov
         Insolvency Manager
         Chkalova Str. 21
         390029 Ryazan
         Russia

The 18th Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-8062/2007-36-104.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Alfa-Obl-Story
         Entuziastov Str. 11
         454048 Chelyabinsk
         Russia


AVEST OJSC: Creditors Must File Claims by Sept. 25
--------------------------------------------------
Creditors of OJSC Production-Trading Company Avest have until
Sept. 25 to submit proofs of claim to:

         I. Korol
         Temporary Insolvency Manager
         Malinovskogo Str. 43-96
         Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-7274/2007-38.

The Debtor can be reached at:

         OJSC Production-Trading Company Avest
         Krasnorechenskaya Str. 111
         Khabarovsk
         Russia


BRYANSK-GLASS LLC: Creditors Must File Claims by Oct. 25
--------------------------------------------------------
Creditors of LLC Bryansk-Glass have until Oct. 25 to submit
proofs of claim to:

         G. Zinakov
         Insolvency Manager
         Post User Box 200
         241050 Bryansk
         Russia

The Arbitration Court of Bryansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A09-7767/06-26.

The Court is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         LLC Bryansk-Glass
         Moskovskiy Pr. 106
         241004 Bryansk
         Russia


BUGURUSLAN-AGRO-PROM-SNAB: Creditors Must File Claims by Oct. 25
----------------------------------------------------------------
Creditors of OJSC Buguruslan-Agro-Prom-Snab have until Oct. 25
to submit proofs of claim to:

         D. Bykovskikh
         Insolvency Manager
         Post User Box 3167
         460001 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-2144/07-14GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         OJSC Buguruslan-Agro-Prom-Snab
         9th January Str. 86
         Buguruslan
         Orenburg
         Russia


DYURTYULINSKOE MIXED: Asset Sale Slated for September 24
--------------------------------------------------------
LLC Auction-Garant, the bidding organizer for OJSC
Dyurtyulinskoe Mixed Fodder Enterprise, will open a public
auction for the company's properties at noon on Sept. 24 at:

         LLC Auction-Garant
         Bessonova Str. 2B
         Ufa
         450001 Bashkortostan
         Russia

The case is docketed under Case No. A07-18644/06-G-GRA.

The company has set a RUR7,853,600 starting price for the
auctioned assets.

Interested participants have until Sept. 20 to deposit an amount
equivalent to 10% of the starting price to:

         LLC Auction-Garant
         Settlement Account 40702810504000001194
         Correspondent Account 30101810000000000891
         BIK 048073891
         OJSC InvestCapitalBank

Bidding documents must be submitted to:

         LLC Auction-Garant
         Bessonova Str. 2B
         Ufa
         450001 Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Dyurtyulinskoe Mixed Fodder Enterprise
         Internatsionalnaya Str. 4/1
         Dyurtyuli
         Dyurtyulinskij
         452320 Bashkortostan
         Russia


EAST-CHUKOTKA GOLD: Court Names S. Aliev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Chukotskiy appointed S. Aliev as
Insolvency Manager for CJSC East-Chukotka Gold Mining Company.
He can be reached at:

         S. Aliev
         Post User Box 284
         680028 Anadyr
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A80-40/2005-B.

The Debtor can be reached at:

         S. Aliev
         Post User Box 284
         680028 Anadyr
         Russia


GSM-TRADE LLC: Creditors Must File Claims by Sept. 25
-----------------------------------------------------
Creditors of LLC GSM-Trade (TIN 2703036501) have until Sept. 25
to submit proofs of claim to:

         O. Zlobin
         Temporary Insolvency Manager
         Post User Box 6/12
         Central Post Office
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-6846/2007-38.

The Debtor can be reached at:

         LLC GSM-Trade
         4th Strelkovaya Str. 16
         Komsomolsk-na-Amure
         Russia


IZH-MASH-SERVICE: Bankruptcy Hearing Slated for Oct. 11
-------------------------------------------------------
The Arbitration Court of Chuvashiya will convene at 9:45 a.m. on
Oct. 11 to hear the bankruptcy supervision procedure on CJSC
IZH-Mash-Service (TIN 2128000907, OGRN 1022101134989).  The case
is docketed under Case No. A79-4351/2007.

The Temporary Insolvency Manager is:

         Y. Paramonov
         Post User Box 42
         Post Office 9
         Cheboksary
         428009 Chuvashiya
         Russia

The Debtor can be reached at:

         CJSC IZH-Mash-Service
         Lapsarskiy Pr. 146
         Cheboksary
         428016 Chuvashiya
         Russia


KADOM-AGRO-PROM-SERVICE: Creditors Must File Claims by Oct. 25
--------------------------------------------------------------
Creditors of OJSC Kadom-Agro-Prom-Service have until Oct. 25 to
submit proofs of claim to:

         S. Papenko
         Insolvency Manager
         Post User Box 7
         390029 Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-126/2007-S20.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC Kadom-Agro-Prom-Service
         Svobody 10
         Kadom
         Ryazan
         Russia


KAMA-OIL LLC: Tatarstan Bankruptcy Hearing Slated for Dec. 13
-------------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 1:15 p.m. on
Dec. 13 to hear the bankruptcy supervision procedure on LLC
Kama-Oil.  The case is docketed under Case No. A65-11412/
2007-SG4-40.

The Temporary Insolvency Manager is:

         T. Shamshutdinova
         Safiullina Str. 8
         Kazan
         420110 Tatarstan
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         LLC Kama-Oil
         Avtomobilistov Str. 13
         Almetyevsk
         423450 Tatarstan
         Russia


NOVOROSSIYSK COMMERCIAL: Moody's Lifts Loan Rating to Ba1
---------------------------------------------------------
Moody's Investors Service upgraded the US$300 million senior
unsecured Loan Participation Notes issued by Novorossiysk Port
Capital S.A. to Ba1 from Ba2.  The Ba1 Corporate Family Rating
of OJSC Novorossiysk Commercial Seaport has been affirmed.

At the same time Moody's has assigned a Aa1.ru Russian National
Scale Corporate Family Rating to NCSP.  The rating outlook is
stable.

This rating action follows changes to the NCSP group's debt
structure.  More particularly, in line with NCSP's initial
financial strategy, almost all of the NCSP group's secured bank
debt has either been repaid or has had the security that
supported it retired, or is in the process of having such
security interests retired, a process which should be complete
by the end of 2007.  As a consequence, the subordination of the
Loan Participation Notes to debt in the operating companies has
been eliminated.  The Loss Given Default assessment of the Loan
Participation Notes has been amended to LGD-4 (52%) (expressed
through a six-point symbol system that orders expected loss
severity from lowest to highest in percentage terms) from LGD-4
(65%) accordingly.

Moody's last rating action was on May 9, 2007 when first-time
ratings were assigned to NCSP and the Loan Participation Notes.

NCSP's Ba1 Corporate Family Rating reflects the combination of
these inputs:

   (1) a Baseline Credit Assessment of 12 (which equates to a
       Ba2 rating on the Moody's rating scale),

   (2) the Baa2 local currency rating of the Government of the
        Russian Federation,

   (3) medium Dependence and

   (4) low Support.

Thus the final rating is one notch higher than the Baseline
Credit Assessment implied rating.  The Ba1 Corporate Family
Rating further reflects a Probability of Default Rating (PDR) of
Ba1 and a firm-wide LGD assessment of 50%.  The Aa1.ru Russian
National Scale Rating maps to Ba1 on the Moody's Global Rating
Scale.

The Ba1 rating of the Loan Participation Notes and LGD-4 (52%)
loss given default assessment reflect the current and
anticipated group debt structure which does not evidence
significant structural or security subordination for the holding
company debt.

The Baseline Credit Assessment of 12 reflects:

   (i) NCSP's role as the operator of most of the stevedoring
       capacity at one of Russia's most important seaports under
       a long-term lease arrangement and NCSP's nationwide
       service area;

  (ii) the substantial growth prospects and material capital
       expenditure obligations required to meet this anticipated
       growth, somewhat counteracted by;

(iii) the risk that significant year-on-year growth assumptions
       are not achieved; and

  (iv) a capital structure incorporating somewhat shorter debt
       maturities than usual for a major infrastructure borrower
       and modest contractually committed third party liquidity.

The Low level of Support (an assessment of the likelihood of the
Government stepping in to avoid a default in the case of need)
reflects the modest level of Government ownership but the
strategic importance of the port to Russia, the latter
counteracted somewhat by the relatively modest economic
importance of NCSP to the finances of the Government.  The
medium Dependence reflects the relatively high exposure NCSP has
to oil, which is also an important driver of the Russian
economy, together with other commodity cargoes which are also to
some extent dependent on the general health of the Russian
economy.

NCSP's stable outlook reflects Moody's expectation that NCSP
will see continued growth in its business, that capital
expenditure programs are appropriate for the expected growth,
but that if revenues do not expand as fast as anticipated, the
rating can absorb the levels of debt implied by lower growth
assumptions.  Nevertheless, continued access to bank markets
will be important to NCSP and is an important rating factor.

NCSP's rating could be upgraded if it were to see a significant
reduction in expected debt levels through strong growth in
revenues underpinned by the reliable establishment of cargo
flows anticipated by NCSP, together with modest additional
future capital expenditure.  This would need to be achieved in
conjunction with a sound liquidity position. However, such
credit improvement is not expected to occur within the next 18-
24 months.  The rating could be downgraded if NCSP fails to
generate material revenue growth and/or NCSP makes significant
investments in non-port-related activities that counteracted the
expected effective de-leveraging.  Furthermore, evidence of
problems accessing the banking markets will likely result in a
ratings downgrade.

This rating action, OJSC Novorossiysk Commercial Sea Port has
these ratings outstanding with a stable outlook:

   -- Corporate Family Rating (Foreign Currency) -- Ba1 /
      Aa1.ru;

   -- Corporate Family Rating (Foreign Currency) -- Probability
      of Default Rating -- Ba1;

   -- Novorossiysk Port Capital S.A. -- US dollar Loan
      Participation Notes -- Ba1; and

   -- Novorossiysk Port Capital S.A. -- US dollar Loan
      Participation Notes -- LGD-4 (52%).

OJSC Novorossiysk Commercial Sea Port NCSP is company providing
stevedoring services at the Port of Novorossiysk located on
Russia's Black Sea Coast.  It had revenues of US$277.3 million
for year ended Dec. 31, 2006, and total assets of US$1.294.2
billion as at that date.


RADAR CJSC: Creditors Must File Claims by Oct. 25
-------------------------------------------------
Creditors of CJSC Radar have until Oct. 25 to submit proofs of
claim to:

         V. Stavtsev
         Insolvency Manager
         Office 49
         Gorkogo Str. 45
         302040 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-564/07-20b.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         CJSC Radar
         Naugorskoe Shosse 5
         Orel
         Russia


RESERVE LLC: Creditors Must File Claims by Oct. 25
--------------------------------------------------
Creditors of LLC Reserve (TIN 2108002110, OGRN 1022101830101)
have until Oct. 25 to submit proofs of claim to:

         Y. Paromonov
         Insolvency Manager
         Post User Box 42
         Cheboksary
         428009 Chuvashiya
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A79-1439/2007.

The Debtor can be reached at:

         LLC RESERVE
         Mira Str. 5
         Komsomolskoe
         Komsomolskiy
         429140 Chuvashiya
         Russia


ROSNEFT OIL: State Eyes 50% Volgotanker Stake Sale to Firm
----------------------------------------------------------
The Samara regional authorities plan to offer 50% of bankrupt
OAO Volgotanker to OAO Rosneft Oil Co., Interfax News reports
citing Boris Ardalin, Samara's acting Transport, Communications
and Highway Minister.

Mr. Ardalin told Interfax that Rosneft may acquire the
government's 20% stake in Volgotanker as well as the shares that
will be offered during the company's bankruptcy process.

"We think that we need to sell 50% of the shipping company to a
company that needs such a carrier," Mr. Ardalin told Interfax.
"Selling the shares to Rosneft will resolve problems connected
with reviving the fleet and modernizing the enterprise.  This is
why we will ask Rosneft management to discuss this possibility."

Mr. Ardalin added that Alexander Volzhanin, Volgotanker's
supervisory manager, has agreed with the planned stake sale.

As reported in the TCR-Europe on Aug. 14, 2007, the Moscow
Arbitration Court commenced bankruptcy proceedings against OAO
Volgotanker after upholding a EUR3.34 billion tax claim by the
Russian Federal Tax Service, and appointed Mr. Volzhanin as
supervisory manager.

The Federal Tax Service filed tax claims against Volgotanker in
2004 after finding that that company illegally refunded export
VAT from the budget, Kommersant relates.

According to the report, the tax service filed a RUR4 billion
claim for unpaid taxes in 2001 to 2005.  The tax service also
filed two criminal cases against Volgotanker and had three
executives added to the international wanted list.

Volgotanker suspended its operations in 2006 after the tax
service seized 353 vessels from Volgotanker's fleet in 2005.

                        About Volgotanker

Headquartered in Samara, Russia, OAO Volgotanker --
http://www.volgotanker.com/-- specializes in
the transportation of oil and petroleum products via Europe's
inland-waterway system.  Lloyds List says the company's fleet of
160 tankers, 57 oil-bulk-ore carriers and more than 100 barges
and tugs have been under arrest since August 2005.

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                            *   *   *

As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is positive.


TRANS-FLOT CJSC: Court Names V. Lukyanov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Volgograd appointed V. Lukyanov as
Insolvency Manager for CJSC Trans-Flot (TIN 3445040807).  He can
be reached at:

         V. Lukyanov
         Insolvency Manager
         7th Gvardeyskaya Str. 2-215
         Volgograd-5
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-11102/07-S49.

The Debtor can be reached at:

         CJSC Trans-Flot
         Raboche-Krestyanskaya Str. 22
         Volgograd-74
         Russia


TSAREVSKIY MEAT: Chuvashiya Bankruptcy Hearing Slated for Oct. 9
----------------------------------------------------------------
The Arbitration Court of Chuvashiya will convene at 1:15 p.m. on
Oct. 9 to hear the bankruptcy supervision procedure on CJSC
Agricultural Company Tsarevskiy Meat Combine (TIN 2122004623).
The case is docketed under Case No. A79-1718/2007.

The Temporary Insolvency Manager is:

         I. Kolsanov
         Post User Box 28
         Guzovskogo 14
         Cheboksary
         428000 Chuvashiya
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Tsarevskiy Meat Combine
         Beregovaya Str. 2
         Alatyr
         429826 Chuvashiya
         Russia


VOLGOTANKER OAO: Samara Officials Eye 50% Stake Sale to Rosneft
---------------------------------------------------------------
The Samara regional authorities plan to offer 50% of bankrupt
OAO Volgotanker to OAO Rosneft Oil Co., Interfax News reports
citing Boris Ardalin, Samara's acting Transport, Communications
and Highway Minister.

Mr. Ardalin told Interfax that Rosneft may acquire the
government's 20% stake in Volgotanker as well as the shares that
will be offered during the company's bankruptcy process.

"We think that we need to sell 50% of the shipping company to a
company that needs such a carrier," Mr. Ardalin told Interfax.
"Selling the shares to Rosneft will resolve problems connected
with reviving the fleet and modernizing the enterprise.  This is
why we will ask Rosneft management to discuss this possibility."

Mr. Ardalin added that Alexander Volzhanin, Volgotanker's
supervisory manager, has agreed with the planned stake sale.

As reported in the TCR-Europe on Aug. 14, 2007, the Moscow
Arbitration Court commenced bankruptcy proceedings against OAO
Volgotanker after upholding a EUR3.34 billion tax claim by the
Russian Federal Tax Service, and appointed Mr. Volzhanin as
supervisory manager.

The Federal Tax Service filed tax claims against Volgotanker in
2004 after finding that that company illegally refunded export
VAT from the budget, Kommersant relates.

According to the report, the tax service filed a RUR4 billion
claim for unpaid taxes in 2001 to 2005.  The tax service also
filed two criminal cases against Volgotanker and had three
executives added to the international wanted list.

Volgotanker suspended its operations in 2006 after the tax
service seized 353 vessels from Volgotanker's fleet in 2005.

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                        About Volgotanker

Headquartered in Samara, Russia, OAO Volgotanker --
http://www.volgotanker.com/-- specializes in
the transportation of oil and petroleum products via Europe's
inland-waterway system.  Lloyds List says the company's fleet of
160 tankers, 57 oil-bulk-ore carriers and more than 100 barges
and tugs have been under arrest since August 2005.


ZENIT CJSC: Creditors Must File Claims by Sept. 25
--------------------------------------------------
Creditors of CJSC Zenit have until Sept. 25 to submit proofs of
claim to:

         S. Zelenchenkov
         Insolvency Manager
         Office 24
         Lenina Pr. 64
         Volzhskiy
         404110 Volgograd
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-2305/2002-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Zenit
         Pushkina Str. 33
         Mineralnye Vody
         Stavropol
         Russia


=========
S P A I N
=========


ANIXTER INT'L: Promotes Two Officers to Executive Positions
-----------------------------------------------------------
Anixter International Inc. has promoted Robert Eck to the newly
created position of Executive Vice President -- Chief Operating
Officer and Dennis Letham to Executive Vice President -- Finance
and Chief Financial Officer position.

Mr. Eck has been with the company's operating subsidiary,
Anixter Inc., for 17 years in a variety of staff and commercial
positions.  His most recent position, held since 2004, was
Executive Vice President -- Enterprise Cabling and Security
Solutions.  In this role Eck has overseen annual sales growth
specific to this end market of approximately 16 percent,
including significant growth from our initiative to develop our
security products business.  Previous key positions include
Senior Vice President -- Physical Security Products and
Integrated Supply and Senior Vice President -- Integrated Supply
Solutions.

Mr. Letham has been with Anixter for the past 14 years and has
served as Senior Vice President -- Finance and Chief Financial
Officer for the past 12 years.  During this time he has overseen
the finance, accounting, tax, internal audit and legal
activities of the company.

Commenting on these appointments, Robert Grubbs, President and
Chief Executive Officer, said, "The creation of the Chief
Operating Officer position is a result of the Company's rapid
growth over the past few years.  We feel Bob Eck's strong track
record at Anixter has proven that he possesses the qualities and
experience necessary to support our continued success.  Over the
past year, Mr. Letham has taken on added responsibilities
outside of the finance and accounting areas, most notably in
human resources.  His promotion reflects the added duties he has
assumed."

Sam Zell, Chairman of the Board, said, "Over the past four years
sales at Anixter have more than doubled.  Included in this
growth has been a series of acquisitions in the North American
and European OEM Supply marketplace, which now generates in
excess of US$1 billion in annual sales for the company.  This
rapid growth and diversification of end markets has brought new
organizational challenges and complexity.  These executive
management changes reflect the Board's desire to ensure there is
sufficient depth and breadth to the management team in order for
the Company to continue to execute effectively on all of its
growth strategies."

                        About Anixter

Anixter International Inc. (NYSE: AXE) --
http://www.anixter.com/-- through its subsidiaries, distributes
communications and specialty wire and cable products, fasteners,
and small parts in the United States and internationally.  Its
communications products include voice, data, video, and security
products used to connect personal computers, peripheral
equipment, mainframe equipment, security equipment, and various
networks to each other.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5 million square feet of space.  It has operations in Latin
American countries including Mexico, Costa Rica, Brazil and
Chile.  Its Asia-Pacific operations are located in Indonesia,
Australia, China, Hong Kong, India, Malaysia, New Zealand, the
Philippines, Singapore, Taiwan, and Thailand.  It also operates
in Europe, particularly in Spain, France and the United Kingdom.

                       *     *     *

Anixter International Inc. carries Moody's Investors Service's
Ba2 corporate family rating.  Anixter Inc.'s US$200 million
guaranteed senior unsecured notes and its 3.25% LYON's notes
carry Moody's Ba1 and B1 ratings, respectively.  Moody's said
the rating outlook is stable.

Anixter International Inc. carries Fitch's 'BB+' Issuer Default,
senior unsecured notes and senior unsecured bank credit facility
Ratings.  Similarly, Anixter Inc. carries Fitch's 'BB+' issuer
default rating and 'BB-' senior unsecured debt rating.  Fitch's
action affects about US$700 million of public debt securities.
Fitch said the rating outlook is stable.


GENERAL CABLE: Inks US$735-Mln Purchase Deal w/ Freeport-McMoran
----------------------------------------------------------------
General Cable Corporation has agreed to acquire the global wire
and cable business of Freeport-McMoRan Copper & Gold Inc., which
operates as Phelps Dodge International Corporation (PDIC).  PDIC
was acquired by Freeport as part of the acquisition of Phelps
Dodge Corporation in March 2007.  The purchase price is
approximately US$735 million, subject to adjustment as provided
in the Stock Purchase Agreement.  In addition to utilizing its
available cash, the Company has secured commitments from Merrill
Lynch Capital Corporation to provide an increased secured
revolving line of credit and an additional secured interim loan
necessary to fund the purchase price.

On an annual basis, General Cable estimates that the acquisition
will contribute approximately US$1.4 billion in revenues at
current metal prices and is expected to be accretive to earnings
in the first full year by US$0.20 to US$0.30 cents per share
based upon 2006 results.  The combined companies expect to
derive additional benefits over time through cross-selling
opportunities, logistics and purchasing synergies, and the
implementation of best practices throughout the entire
organization.  PDIC's performance in the first half of 2007
continued to trend positively.

                 Key Strategic Rationale

The acquisition offers General Cable an opportunity to further
enhance its global scale and worldwide leadership in the wire
and cable industry with critical mass in many emerging markets.
PDIC brings a number of very positive characteristics,
including:

  -- Complementary geographic coverage focused on energy
     infrastructure, construction and industrial cables serving
     emerging and faster growing markets in Latin America,
     sub-Saharan Africa, Southeast Asia, as well as India and
     China.  Experienced management team doing business in 45
     countries around the world.

  -- Demonstrated expertise in aerial and buried high-voltage
     transmission systems.

  -- Addition of a well-recognized, highly respected brand in
     the wire and cable industry with more than 50 years of
     history.

  -- Shared business philosophies of safety, Lean
     manufacturing, and a "One Company" approach to internal
     operations and customers.

  -- Accretive in year one with significant upside potential.

"The acquisition of PDIC is truly a unique opportunity, greatly
accelerating our initiative to expand into many of the faster
growing emerging economies of the world," said Gregory B. Kenny,
President and Chief Executive Officer of General Cable.  "We are
effectively merging one company principally concentrated in
North America, Western Europe and Oceania with one focused in
Latin America, sub-Saharan Africa and Southeast Asia.  In
addition, PDIC shares many of the same philosophies that have
defined General Cable over the years which include an emphasis
on safety, Lean manufacturing, strong operating systems and a
"One Company" approach to internal operations and customers.
PDIC has an experienced and disciplined management team led by
Mathias Sandoval, President of Phelps Dodge International
Corporation," Mr. Kenny continued.

"Mr. Sandoval has spent 24 years with PDIC and has developed a
reputation for operating effectively in multiple cultures.  His
strong and sustaining global vision has underpinned superior
operating results and exceptional asset utilization.  We are
delighted that Mr. Sandoval has agreed to continue to lead the
PDIC organization post-acquisition, as well as assume additional
operating responsibility for certain existing General Cable
assets.  Mathias' skills will complement the General Cable
senior management team who have successfully expanded the
geographic footprint and served markets of the Company over the
last ten years.  We also believe there is an opportunity to
utilize capacity within the PDIC organization to support our
recent expansion into new markets, utilizing less capital than
previously contemplated," Mr. Kenny said.

PDIC has manufacturing and distribution facilities around the
world with leading market positions in South and Central
America, Africa and Southeast Asia.  PDIC has approximately
3,000 employees.  In addition to 10 majority-owned manufacturing
and numerous distribution facilities, PDIC also has equity
positions in wire and cable companies in China, Hong Kong, and
the Philippines.  For the year ended December 31, 2006, PDIC
reported revenues of approximately US$1.2 billion and operating
earnings of approximately US$77 million.  In the first six
months of 2007, PDIC's operating performance continued to
strengthen as did its revenue base.

PDIC has little geographic overlap with General Cable. Sales are
primarily focused on energy products for utility, industrial and
construction applications.  Additionally, PDIC has copper and
aluminum rod mills on three continents, a source of competitive
advantage in developing regions.

Just over half of PDIC's revenues are generated from
manufacturing assets located in South and Central America, where
leading market positions are held and where General Cable has a
minor presence. PDIC brings over US$200 million of revenues in
sub-Saharan Africa, where General Cable participates on a much
smaller scale.  PDIC is a leader in Southeast Asia and India
with positions that nicely complement General Cable's current
activities in India, China and Oceania.  As well, PDIC has
equity investments in two companies serving the Chinese energy
cable market as well as one in the Philippines.  PDIC also has
well developed global sales channels for its energy
infrastructure products made in Thailand and South America.

Based on reported 2006 sales of US$4.8 billion, the combined
companies would have approximately 44% of revenues in North
America, 27% in Europe and the Middle East, 15% in South and
Central America, and 14% in Africa/Asia Pacific.

                    Transaction Details

Under the terms of the transaction, which has been unanimously
approved by General Cable's Board of Directors, General Cable
will acquire 100% of the shares held by Freeport and its
subsidiaries in the various entities comprising Freeport's wire
and cable business.  The purchase price is subject to adjustment
to take into account the net effect of any dividends and other
distributions made from, and capital contributions made to, the
entities being acquired from March 31, 2007.  In addition, as
part of the transaction, General Cable will be assigned the
rights in the "Phelps Dodge International Corporation" and
"PDIC" brands well known in the wire and cable industry.
Subject to the satisfaction of customary closing conditions and
the receipt of clearances or waivers from competition and
regulatory authorities in relevant jurisdictions, the
transaction is expected to close during the fourth quarter of
2007.

Merrill Lynch & Co. acted as exclusive financial advisor and
provided a fairness opinion to General Cable in connection with
the transaction.  Blank Rome LLP and Norton Rose LLP served as
General Cable's external legal counsel.

                  Third Quarter Update

"The markets are behaving approximately as we anticipated with
telecommunications and housing related cable demand remaining
soft, offset by energy infrastructure requirements and the
continued benefits of our Lean manufacturing initiatives.  We
continue to expect revenues of approximately US$1.1 billion for
the third quarter and earnings of US$0.85 to US$0.90 per share,
consistent with our previous guidance," Mr. Kenny concluded.

                 About Freeport-McMoRan

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

              About General Cable Corporation

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                       *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Moody's Investors Service assigned a rating of B1 to the
US$325 million senior unsecured notes of General Cable
Corporation consisting of US$125 million of floating rate notes
and US$200 million fixed rate notes.  Concurrently, Moody's
affirmed all other ratings for this issuer.  Moody's said the
rating outlook is stable.


IM CAJAMAR: Moody's Junks EUR15 Million Series E Notes
------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
five series of Bonos de Titulizacion de Activos to be issued by
IM Cajamar 5 Fondo de Titulizacion de Activos, a Spanish asset
securitisation fund that has been created by Intermoney,
S.G.F.T., S.A.:

   -- Aaa to the EUR962 million Series A notes;
   -- Aa2 to the EUR11.5 million Series B notes;
   -- A2 to the EUR12 million Series C notes;
   -- Baa3 to the EUR14.5 million Series D notes; and
   -- C to the EUR15 million Series E notes.

The ratings address the expected loss posed to investors by the
legal final maturity (June 22, 2050).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Series A, B, C and D at par, on or
before the final legal maturity date and for ultimate payment of
interest and principal at par on or before the final legal
maturity date on Series E.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

As of August 2007, the portfolio comprised 9,755 loans,
representing a provisional portfolio of EUR1,138,514,061.84.
The loans are first-lien mortgages granted by Cajamar Caja
Rural, Sociedad Cooperativa de Credito to individuals resident
in Spain for the acquisition or refurbishment of residential
homes located in Spain.  All the properties on which the
mortgage security has been granted are covered by a damage
insurance policy.  Geographically, the pool is concentrated in
the regions of Andalusia (47.36%) and Murcia (25.47%).

The loans have been originated between 1995 and August 2006,
with a weighted average seasoning of 1.38 years and a weighted
average remaining term of 25 years.  The longest loan matures in
May 2047.  The original weighted average LTV was 68.22%, the
current weighted average LTV is 64.95%.

According to Moody's, this deal benefits from several strong
features, including:

   (1) Basis Interest Rate Swap provided by Cajamar;

   (2) a reserve fund that is fully funded upfront from
       Series E issuance, to cover a potential cash flow
       shortfalls;

   (3) a 12-month artificial write-off mechanism which allows
       excess spread provisioning; and

   (4) the fact that all loans are secured by a first-lien
       mortgage guarantee.

Weaker features include:

   (1) some mortgages belong to products offered by Cajamar that
       allow the option of a reduction in their margin if
       additional products are taken by the debtor;

   (2) there are caps on 98.93% of the pool (the cap is fixed at
       15% for 97.76% of the portfolio and this risk is
       mitigated by the swap);

   (3) the deferral of interest payments on each of Series B and
       C which increases the expected loss on these subordinated
       series; and

   (4) pro-rata amortization of the B and C series of notes
       which leads to reduced credit enhancement of the senior
       series in absolute terms.  These issues have all been
       reflected in Moody's Credit Enhancement calculation.

Moody's bases its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure; and on

   (2) the transaction's structural protections, which include
       the subordination, the strength of the cash flows
       (including the reserve fund) and excess spread available
       to cover losses.


IM CAJAMAR 5: Fitch Junks EUR15 Million Class E Notes
-----------------------------------------------------
Fitch Ratings has assigned expected ratings to IM Cajamar 5,
Fondo de Titulizacion de Activos' notes totaling
EUR1.015 billion due in June 2050:

   -- EUR962 million Class A: 'AAA'; Outlook Stable
   -- EUR11.5 million Class B: 'AA'; Outlook Stable
   -- EUR12 million Class C: 'A'; Outlook Stable
   -- EUR14.5 million Class D: 'BBB'; Outlook Stable
   -- EUR15 million Class E: 'CCC'; Outlook Stable

The final ratings are contingent upon the receipt of final
documents conforming to information already received.

This transaction is a cash-flow securitization of a EUR1 billion
static pool of residential mortgage loans granted by Caja Rural
Intermediterranea Sociedad Cooperativa de Credito ('A'/ Outlook
Stable/'F1').

The expected ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and InterMoney Titulizacion S.G.F.T, S.A's
administrative capabilities

Initial CE for the Class A to D notes is provided by
subordination and a reserve fund, which will be funded at
closing using the proceeds of the Class E notes.  The Class E
notes are uncollateralized but will benefit from cash released
from the amortization of the reserve fund.

The expected ratings address the payment of interest on the
notes according to the terms and conditions of the
documentation, subject to a deferral trigger on the Class B,
Class C and Class D, as well as the repayment of principal at
legal final maturity.  Should the deferral trigger on the Class
B, C and D notes be hit, interest on these notes will be
deferred in the priority of payments.  In this instance,
interest payments might not be received for a period of time,
but will be received by legal final maturity.

The fund will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to convert
mortgage transmission certificates (certificados de transmision
de hipotecas or CTHs) from the seller into fixed-income
securities.  The fund will be legally represented and managed by
InterMoney Titulizacion S.G.F.T, S.A, a limited liability
company incorporated under Spanish law, whose activities are
limited to the management of securitization funds.


===========
S W E D E N
===========


BOMBARDIER INC: Supports Transport Canada Directive for Q400
------------------------------------------------------------
Transport Canada issued an Airworthiness Directive applicable to
Bombardier Inc.'s Q400 turboprop aircraft following two recent
incidents of right main landing gear collapse.

Bombardier has been working closely with safety and regulatory
authorities to establish a proactive course of action to ensure
a high level of safety is maintained.  The AD, effective
immediately, requires the operators to implement these
corrective actions:

    * All Q400 aircraft operators must conduct a general visual
      inspection of the left and right main landing gear system
      and main landing gear retract actuator jam nut. This
      applies to all Q400 aircraft.

    * A detailed visual inspection of the main landing gear
      retract actuator be immediately conducted on actuators
      that have accumulated 8,000 or more landings, or been in
      service for more than four years since new, whichever
      comes first. Bombardier estimates that this affects
      approximately 85 Q400 aircraft.

Newer actuators will also be inspected with varying timelines
depending on the age of the actuator.

“We understand that this proactive measure will unfortunately
inconvenience many of our customers and their passengers.
However, safety remains our primary concern.  We are working
diligently with our customers to ensure the affected aircraft
return to revenue service as quickly as possible,” said Steven
Ridolfi, President, Bombardier Regional Aircraft.

Bombardier has sent two separate air safety teams to the sites
of the two recent incidents to assist in the investigations
involving the Q400 aircraft operated by SAS.  The first incident
occurred at Aalborg, Denmark on Sept. 9, 2007.  The second
incident occurred on September 12, 2007 at Vilnius, Lithuania.

As a precautionary measure, Bombardier and Goodrich, the landing
gear manufacturer, recommend in an All Operator Message (AOM)
that operators of Q400 aircraft having accumulated more than
10,000 landing gear cycles (a cycle is one take-off and
landing), be grounded until an inspection of the landing gear is
carried out.

Bombardier has delivered more than 160 Q400 aircraft to airlines
around the world, of these there are currently about 60 Q400
aircraft with more than 10,000 landing gear cycles.

Transport Canada (TC) has been briefed on these recent events
and Bombardier is working with TC to establish the requirement
for further corrective actions, if required.

A Bombardier Air Safety representative has been dispatched to
the second incident site to provide assistance to the
investigating authorities. Until such time as investigations are
concluded by the relevant aviation authorities, Bombardier
cannot speculate or comment as to the cause of these incidents.

Bombardier continues to provide its support to the
investigations being conducted by the Danish and Canadian
regulatory authorities.  Until such time as investigations are
concluded by the relevant aviation authorities, Bombardier
cannot speculate or comment as to the cause of these incidents.

                        About Bombardier

Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B)
manufactures innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  Headquartered in Canada, the company also
has offices in the U.S., Northern Ireland, United Kingdom,
Germany, Switzerland, Sweden, Austria, and Australia.

                         *     *     *

As reported in the TCR-Europe on May 24, 2007, Standard & Poor's
Ratings Services revised the outlook on Montreal, Quebec-based
Bombardier Inc. to stable from negative.  At the same time, the
ratings, including the 'BB' long-term corporate credit rating on
Bombardier, were affirmed.


VIRANATIVE AB: Files for Bankruptcy Protection in Sweden
--------------------------------------------------------
ViraNative AB, a wholly owned subsidiary of Viragen
International, Inc., applied for bankruptcy proceedings in the
District Court of Umea under the bankruptcy laws of Sweden.  The
company cited its inability to pay taxes and other debts.

The bankruptcy court has appointed Anders Bergman of
Ackordscentralen Norrland AB as bankruptcy administrator for
ViraNative.

Mr. Bergman will:

   -- inventory of the Debtor's assets;

   -- identify creditors and the amount of their claims;

   -- seek to identify purchasers for the Debtor's assets; and

   -- process their orderly liquidation and sale in accordance
      with Swedish laws.

While Viragen, Inc. continues to seek new sources of working
capital to fund its operations, and the operations of Viragen
International, Inc., the Companies do not intend to fund further
operations of ViraNative during the bankruptcy process.
Therefore, ViraNative's operations may be disrupted or halted.

Viragen, Inc. and Viragen International, Inc. are monitoring the
bankruptcy proceedings but at this stage cannot predict what
impact the proceedings may have on their respective operations.

               About Viragen International, Inc.:

Viragen International, Inc. is a majority-owned subsidiary of
Viragen, Inc., and operates through its wholly- owned
subsidiary, Viragen (Scotland) Limited, located near Edinburgh,
Scotland.  Viragen Scotland is engaged in the research and
development of novel therapeutic proteins that disrupt the
advance of life-threatening diseases, with a focus on cancers.

                      About ViraNative AB

Headquartered in Umea, Sweden, ViraNative AB manufactures
Multiferon(R), a multi-subtype, human alpha interferon.  The
company's bankruptcy proceeding is docketed under Case Number
K1767-07.


=====================
S W I T Z E R L A N D
=====================


EINHELL HOLDING: Creditors' Liquidation Claims Due September 30
---------------------------------------------------------------
Creditors of JSC Einhell Holding have until Sept. 30 to submit
their claims to:

         Rainer Koch
         Liquidator
         St. Gallerstrasse 182
         8404 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC Einhell Holding
         Winterthur ZH
         Switzerland


ERMA IMMOBILIEN: Creditors' Liquidation Claims Due October 4
------------------------------------------------------------
Creditors of JSC Erma Immobilien have until Oct. 4 to submit
their claims to:

         Eva Luthi
         Liquidator
         Drovettisbergstr. 19
         8272 Ermatingen
         Kreuzlingen TG
         Switzerland

The Debtor can be reached at:

         JSC Erma Immobilien
         Kreuzlingen
         Switzerland


FIRST ASSET: Creditors' Liquidation Claims Due September 24
-----------------------------------------------------------
Creditors of JSC First Asset Management have until Sept. 24 to
submit their claims to:

         JSC Refundus
         Liquidator
         Badenerstrasse 567
         8048 Zurich
         Switzerland

The Debtor can be reached at:

         JSC First Asset Management
         Zurich
         Switzerland


GIGALOAD LLC: Creditors' Liquidation Claims Due September 24
------------------------------------------------------------
Creditors of LLC gigaload have until Sept. 24 to submit their
claims to:

         A. Wettstein & Co.
         Liquidator
         Gartenstrasse 33
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         LLC gigaload
         Baar ZG
         Switzerland


LAZARD LTD: Opens Zurich Office; Rolf Bachmann to Lead Swiss Biz
----------------------------------------------------------------
Lazard Ltd is opening an office in Zurich as part of the firm's
strategy to expand its global Financial Advisory business.
Lazard has hired former McKinsey & Co. Partner Rolf Bachmann as
a Managing Director to lead the firm's Swiss investment banking
business.

"The Zurich office will enable us to expand our financial
advisory services to the Swiss market, where Lazard already has
established corporate relationships," said Georges Ralli, Chief
Executive of Lazard European Investment Banking.  "The
combination of Rolf Bachmann's Swiss corporate advisory
experience and relationships with Lazard's network in Europe and
worldwide, puts us in an excellent position to do so."

Mr. Bachmann joins Lazard after fifteen years with McKinsey in
Zurich. A Partner since 1999, he led client service teams for
several key McKinsey clients.  Mr. Bachmann's specialty is
providing strategic advice to corporations related to mergers,
acquisitions and divestitures.  He studied economics and earned
a PhD in banking at Zurich University.

The opening of the Swiss office is the latest step in Lazard's
commitment to invest in its European Financial Advisory
business.  In early September, Lazard announced plans to hire
Ken Costa, formerly of UBS, to serve as Chairman of Lazard
International and to lead investment banking for the UK
alongside London CEO William Rucker.  The firm recently signed a
cooperation agreement with Raiffeisen Investment, the M&A
advisory business for Austria's largest banking group,
strengthening Lazard's footprint across Russia, Central and
Eastern Europe.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007.


NOVATEX TRADING: Creditors' Liquidation Claims Due September 27
---------------------------------------------------------------
Creditors of JSC Novatex Trading have until Sept. 27 to submit
their claims to:

         JSC Risk-Consult
         Liquidator
         Poststrasse 22
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Novatex Trading
         Baar ZG
         Switzerland


NURHAK LLC: Creditors' Liquidation Claims Due September 27
----------------------------------------------------------
Creditors of LLC Nurhak have until Sept. 27 to submit their
claims to:

         Ali Yildiz
         Liquidator
         Dornacherstrasse 252
         4053 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Nurhak
         Basel BS
         Switzerland


PRIME FORESTRY: Creditors' Liquidation Claims Due October 31
------------------------------------------------------------
Creditors of JSC Prime Forestry have until Oct. 31 to submit
their claims to:

         Yves Meili
         Liquidator
         Wenger Plattner Rechtsanwalte
         Goldbach-Center
         Seestrasse 39
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC Prime Forestry
         Zurich
         Switzerland


RASEN & GARTEN LLC: Creditors' Liquidation Claims Due Sept. 26
--------------------------------------------------------------
Creditors of LLC Rasen & Garten have until Sept. 26 to submit
their claims to:

         Olivier-J. Moulin
         Liquidator
         Tellenmattstrasse 23
         6317 Oberwil bei Zug
         Switzerland

The Debtor can be reached at:

         LLC Rasen & Garten
         Zug
         Switzerland


STILLCLOUD JSC: Creditors' Liquidation Claims Due September 28
--------------------------------------------------------------
Creditors of JSC Stillcloud have until Sept. 28 to submit their
claims to:

         Peter R. Altenburger
         Liquidator
         Seestrasse 39
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC Stillcloud
         Kusnacht ZH
         Switzerland


V-CONSULTING JSC: Creditors' Liquidation Claims Due September 24
----------------------------------------------------------------
Creditors of JSC V-Consulting have until Sept. 24 to submit
their claims to:

         Guido Schwerzmann
         Liquidator
         Landweg 2
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC V-Consulting
         Hergiswil NW
         Switzerland


=============
U K R A I N E
=============


AGROCENTRMET LLC: Creditors Must File Claims by September 18
------------------------------------------------------------
Creditors of LLC Agrocentrmet (code EDRPOU 34319271) have until
Sept. 18 to submit their proofs of claim to:

         Michael Tsurika
         Liquidator
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/634/07.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine


ALKOPROM CJSC: Claims Submission Deadline Set September 18
----------------------------------------------------------
Creditors of CJSC Alkoprom (code EDRPOU 24394920) have until
Sept. 18 to submit their proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
4/70.

The Debtor can be reached at:

         CJSC Alkoprom
         Quarter 101 b. 3
         Kremenchuk
         Poltava
         Ukraine


MECHANICAL FOUNDATION: Creditors Must File Claims by Sept. 18
-------------------------------------------------------------
Creditors of LLC Mechanical Foundation Building (code EDRPOU
33410615) have until Sept. 18 to submit their proofs of claim
to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-48/107-07.

The Debtor can be reached at:


         LLC Mechanical Foundation Building
         Apartment 42
         Traktorostroiteley Avenue 92-a
         61112 Kharkov
         Ukraine


MRIYA LLC: Creditors Must File Claims by September 18
-----------------------------------------------------
Creditors of LLC Mriya (code EDRPOU 30671265) have until
Sept. 18 to submit their proofs of claim to:

         Sergey Kosenko
         Liquidator
         Voenny Avenue 6, c. 1
         73000 Herson Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/102-B-07.

The Court is located at:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         LLC Mriya
         Novogrigorovka
         Genichesk District
         Herson
         Ukraine


SADOVOE OJSC: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of OJSC Sadovoe (code EDRPOU 00414109) have until
Sept. 18 to submit their proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/538/06.

The Debtor can be reached at:

         OJSC Sadovoe
         Kvitneve, Mir Str. 1
         Zhovtneve District
         Nikolaev
         Ukraine


SAMSON LLC: Creditors Must File Claims by September 18
------------------------------------------------------
Creditors of LLC Samson (code EDRPOU 31167931) have until
Sept. 18 to submit their proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/177-b.

The Debtor can be reached at:

         LLC Samson
         Apartment 33
         Irpen Str. 64
         Kiev
         Ukraine


SELECTION OJSC: Claims Submission Deadline Set September 18
-----------------------------------------------------------
Creditors of OJSC Selection (code EDRPOU 00699477) have until
Sept. 18 to submit their proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-21/58.

The Debtor can be reached at:

         OJSC Selection
         Kolomiysky District
         Independency Str. 4a
         Gody-Dobrovodka
         Ivano-Frankovsk
         Ukraine


STATEK LTD: Creditors Must File Claims by September 18
------------------------------------------------------
Creditors of LLC Statek Ltd. (code EDRPOU 34510906) have until
Sept. 18 to submit their proofs of claim to:

         Michael Tsurika
         Liquidator
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/633/07.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         LLC Statek Ltd.
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine


SPUTNIKI LLC: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of LLC Firms Sputniki (code EDRPOU 20530763) have
until Sept. 18 to submit their proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-21/127.

The Debtor can be reached at:

         LLC Firms Sputniki
         Independency Str. 67/206
         76018 Ivano-Frankovsk
         Ukraine


UKRAINE LLC: Creditors Must File Claims by September 18
-------------------------------------------------------
Creditors of Agricultural LLC Ukraine (code EDRPOU 03763974)
have until Sept. 18 to submit their proofs of claim to:

         Irina Zakharchenko
         Liquidator
         Apartment 53
         October Lane 325/4
         54052 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/42/06.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Ukraine
         50 Years of October Str. 71
         Kamianka
         Ochakov District
         Nikolaev
         Ukraine


* S&P Rates City of Odessa Long-term Issuer Credit at B+
--------------------------------------------------------
Standard & Poor's Ratings Services had assigned its 'B+' long-
term issuer credit and 'uaA' Ukraine national scale ratings to
the Ukrainian City of Odessa.  The outlook is stable.

"The ratings on Odessa reflect the city's limited fiscal
flexibility arising from central government controls," said
Standard & Poor's credit analyst Boris Kopeykin.  "The ratings
also reflect significant expenditure pressures due to increasing
salaries and infrastructure needs, low wealth levels, and
Odessa's poor credit history and future debt accumulation plans.
That said, the ratings are supported by the city's dynamic
economy, consequent rapid growth in budget revenues, and limited
flexibility in asset sales."

Odessa's position as the economic and logistics center for the
south of Ukraine, with its rapidly developing economy and growth
in transfers, supports budget revenue growth, although wealth
levels remain low in a Central and East European context with an
average salary of US$200 per month.  Odessa is expected to
receive more than UAH2 billion in revenues in 2007, about 46%
more than in 2006 (itself a year in which total revenues grew
55%).   The value of the city's real estate and land for sale
for the next few years is more than US$1 billion (UAH5 billion)
and will further support revenue growth.

Standard & Poor's expects that Odessa's debt accumulation to
address infrastructure needs will be gradual after the use of
multilaterals' loans expected in 2008 and beyond.  We also
expect that foreign exchange risks will remain under control
with no new large issues or loans with bullet repayments.

"Continued economic growth, resulting in growing revenues and a
consequential improvement in financial performance, with
operating balances at or above 10%, would be positive for the
city's creditworthiness," added Mr. Kopeykin.  "Conversely,
increased risks related to debt service, combined with weaker
revenue growth and a consequential deterioration in financial
performance, with operating balances closer to 0%, could
pressure the ratings."


===========================
U N I T E D   K I N G D O M
===========================


ACORDIS UK: Calls In Liquidators from Deloitte & Touche
-------------------------------------------------------
Neville Barry Kahn and Ian Brown of Deloitte & Touche LLP were
appointed joint liquidators of Acordis U.K. Ltd. on Aug. 10 for
the creditors' voluntary winding-up procedure.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


ARTHUR HENRIQUES: J. M. Titley Leads Liquidation Procedure
----------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Arthur Henriques Ltd. on Aug. 14 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury
         Lancs
         BL9 8AT
         England


ASSET LOFT: Claims Filing Period Ends September 28
--------------------------------------------------
Creditors of Asset Loft Conversions Ltd. have until Sept. 28 to
send their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Steven P. Ross
         Joint Liquidator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England

Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of the company on Sept. 5 for the
creditors' voluntary winding-up proceeding.


AXON FINANCIAL: Fitch Cuts US$890 Mln Notes’ Ratings to BB-
------------------------------------------------------------
Fitch has downgraded Axon Financial Funding Ltd's US$890 million
of mezzanine notes to 'BB-' from 'AA-'.  These notes remain on
Rating Watch Negative.  In addition the following program of
Axon Financial and Axon Financial Funding LLC are placed on
Rating Watch Negative:

         US commercial paper: 'F1+'
         US medium-term note: 'AAA'
         Euro CP: 'F1+'
         Euro MTN: 'AAA'

The RWN affects approximately $2.7 billion of US CP, $2.1
billion of Euro CP, $6.3 billion of US MTNs and $25 million of
Euro MTNs.

Axon Financial is a structured investment vehicle managed by
Axon Financial Services Ltd, which takes leveraged credit risk
by investing in a diversified portfolio of highly rated assets
through issuing a mix of CP, MTNs, mezzanine notes and capital
notes.

The rating action on the mezzanine notes and the RWN on the
senior and mezzanine notes reflects:

   -- the continuing challenges of Axon Financial to access the
      CP and MTN markets to refinance maturing debt.;

   -- the fact that Axon Financial is in a Restricted Investment
      Operating State;

   -- the accumulating losses realised from the continued sale
      of assets to meet maturing debt;

   -- the continued deterioration in the net asset value (NAV)
      of capital and mezzanine notes,which now stands at 57%.

   -- the increased likelihood of entering into a Restricted
      Funding Operating State.


Restricted funding operating state could be triggered if the NAV
of capital and mezzanine notes fell below 50% of their notional
amount.

While in the Restricted Funding Operating State Axon Financial
would not be permitted to issue further senior notes, and would
have to sell assets or draw upon liquidity to redeem maturing
funding.

The rating actions listed reflect the fact that Axon Financial
has not yet been able to secure any alternative sources of
funding.  Consequently a sale of assets or committed liquidity
draw will be required to meet maturing liabilities, which could
result in further realized losses.

Fitch will resolve the RWN status pending further evidence on
the funding strategy for the vehicle in the next several weeks.

Axon Financial's portfolio currently comprises 25% RMBS (6%
prime, 17% near-prime and 1% sub-prime), 21% monoline-wrapped
securities, 18% CMBS, 17% CDOs (including 9% leveraged-loan CDOs
and 4% CDOs of ABS), 11% cash equivalents, 4% closed end seconds
and 4% other ABS.  The portfolio has a geographic exposure of
87% to the US and 13% to the UK.  Currently, 96.7% of Axon
Financial's portfolio is rated 'AAA' equivalent, 3% 'AA'
equivalent, and 0.3% 'A' equivalent.  Fitch notes the very high
credit quality of the portfolio assets but, of late, some of the
assets have experienced downgrades and the market values of the
assets have come under extreme pressure.


BASIS YIELD: U.S. Court Extends Injunction Until Nov. 19
--------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York (Manhattan) has granted Basis Yield Alpha Fund (Master)
temporary protection from lawsuits and seizure of assets by U.S.
creditors while its Chapter 15 case is being assessed for a
permanent injunction, Bloomberg News reported.

Basis Yield, which is being liquidated in the Grand Court of the
Cayman Islands, where it is registered, had filed for Chapter 15
protection in the U.S. Court on August 29, 2007, asking to be
shielded from U.S. creditors and for recognition of its main
Caribbean bankruptcy proceeding.

"I am not inclined to make any findings today as to whether
recognition should ultimately be granted [for the Cayman
filing]," U.S. Bankruptcy Judge Robert Gerber said at a Sept. 6
hearing in New York, according to Bloomberg.

The U.S. Court will convene a hearing on November 19 to consider
Basis Yield's request for recognition of the Caymans proceeding.

Bloomberg reported that Judge Gerber had told Basis Yield
attorneys to be prepared to address U.S. Bankruptcy Judge Burton
Lifland's August 30 order rejecting a similar bid for
recognition of a Caymans bankruptcy proceeding by two Bear
Stearns Cos. hedge funds after finding that they did most of
their business in the U.S.

As previously reported, Basis Yield's registered office, the
feeder funds, 10% of investors and all of its records are
located in the Caymans.  On August 29, Basis Yield's Chapter 15
case received recognition from the High Court of Justice,
Chancery Division, Companies Court, in England.

Under Chapter 15 of the U.S. Bankruptcy Code, a company with an
insolvency filing in another country where it has a significant
presence can ask U.S. courts to defer to a foreign proceeding.

Representing Citigroup Global Markets Ltd., a creditor in Basis
Yield's case, Lindsee Granfield, Esq., at Cleary Gottlieb Steen
& Hamilton in New York, however, asserted that "it isn't clear
where the fund's main interests are."  Ms. Granfield added that
the Court will have to determine "where are the assets and where
were these funds actually operated."

If Citigroup were to successfully argue that the Yield Fund's
main business operations are not in the Cayman Islands but in
the U.S., then Basis Yield's Chapter 15 case in the U.S. could
fail, allowing U.S. creditors to file lawsuits against the fund,
according to The Australian.

The paper further stated that investors face losing more than
80% of their $320,000,000 total stake, based on the most recent
update from Basis Capital Group.

Judge Gerber said he wants "to move quickly to resolve as many
issues as possible" out of fairness to Grant Thornton
International, the liquidator appointed by the Cayman Islands
court, according to Bloomberg.

The exact assets of the fund are "undetermined," Bloomberg said.

Basis Yield indicated in its Chapter 15 petition that its assets
and liabilities aggregate more than $100,000,000 each.

Basis Yield's assets is down from $436,000,000 at Jan. 31, 2007,
according to Bloomberg data.

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.

On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP represents the petitioners.
(Basis Yield Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000).


BASIS YIELD: S&P Withdraws Fund Rating After Picking Liquidators
----------------------------------------------------------------
Standard & Poor's Fund Services announced that it has withdrawn
its fund rating on the Basis Yield Fund as a result of the
fund's appointment of joint provisional liquidators.

The Yield Fund was placed "On Hold" by S&P on July 18, 2007.
The decision to place the rating "On Hold" was made after the
management of Basis Capital failed to provide S&P a sufficient
explanation of its June performance estimates and the subsequent
announcement that the fund was suspended due to the inability
tocalculate a NAV (Net Asset Value).

"S&P has withdrawn its rating following the announcement that
the master fund has been placed into liquidation, with
representatives of Grant Thornton announced as joint provisional
liquidators," said S&P fund analyst David Erdonmez.  S&P
understands that Grant Thornton is currently assessing the
fund's financial position.

S&P's "On Hold" rating of the Basis Aust Rim Opportunity Fund
remains, pending the provision of additional information by the
management of Basis Capital.  To date, management has not
advised S&P on the positioning of this fund due to legal
restrictions.

The funds affected by this announcement are:

       APIR        Fund Name                          Rating
       ----        ---------                          ------
       BCF0100AU   Basis Aust Rim Opportunity Fund    On Hold
       BCF0001AU   Basis Yield Fund                   Withdrawn

                    About Basis Capital

Basis Yield Alpha Fund (Master) is a Cayman Islands-based mutual
fund managed by Basis Capital Fund Management Ltd. in Australia.

Basis Capital is fully licensed and regulated by the Australian
Securities and Investment Commission as a Responsible Entity.

Basis Capital is a founding member of the Australian Chapter
of the Alternative Investment Management Association.

Bloomberg relates Basis Capital was declared "Fund of the Year"
at the 2005 AsiaHedge awards.  It was also named "Skilled
Manager of the Year" by Macquarie Bank Ltd. in 2004.

                    Road to Bankruptcy

Following the volatility in the market related to the United
States sub-prime lending defaults, by June 2007, Basis Yield
began to suffer a significant devaluation of its asset
portfolio.  The devaluation of the Fund's secured assets led to
margin calls from trade counterparties, which Basis Yield was
ultimately unable to meet.  This, in turn, resulted in the
issuance of several default notices by the counterparties and
the exercise of their rights under their agreements to close out
trades and to seize or sell Basis Yield assets that had been the
subject of repurchase agreements or over which they held
security interests.

Default notices were issued by, inter alia, J.P. Morgan Chase
Bank N.A., Goldman Sachs International, Citigroup Global Markets
Limited, Morgan Stanley, Lehman Brothers International (Europe),
and Merrill Lynch International.

In addition, two counterparties issued bid lists for Basis
Yield's assets, which resulted in additional downward pressure
on the relevant asset classes and a further devaluation of the
Fund's assets.

Basis Yield disputed many of the default notices issued or
purportedly issued by various parties.

Basis Capital stopped redemptions from its Yield Alpha Fund and
Aust-Rim Opportunity Fund in July 2007 after both funds lost 9%
and 14% in June, Bloomberg says.

Basis Capital retained The Blackstone Group to act as financial
advisor to the Yield Alpha Fund and Pac-Rim Opportunity Funds.
Blackstone's role included negotiating with investment banks to
prevent adverse pricing and selling of both funds' assets.

For the past five years, the Yield Alpha Fund returned 15.5% on
average while the Aust-Rim Opportunity Fund provided almost 15%
return on average, according to Bloomberg, citing a July 2007
report by Zenith Investment Partners posted on Basis Capital's
Web site.

Bloomberg notes that the Basis Capital funds had the highest
five-star ratings from Standard & Poor's before the ranking was
put "on hold" on July 17, 2007, because of "issues potentially
affecting the management of the fund," according to S&P.

                       About the Company

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.

On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP represents the petitioners.
(Basis Yield Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000).


BASIS YIELD: Liquidators' Motion for Cayman Process Recognition
---------------------------------------------------------------
As previously reported, Hugh Dickson, Stephen John Akers, and
Paul Andrew Billingham, as joint provisional liquidators and
foreign representatives of Basis Yield Alpha Fund (Master),
asked the U.S. Bankruptcy Court for the Southern District of New
York to recognize the Fund's liquidation proceeding before the
Grand Court of the Cayman Islands as a foreign main proceeding
pursuant to Section 1517 of the Bankruptcy Code.

To prove that Basis Yield's center of main interests is in the
Cayman Islands, U.S. counsel for the Joint Provisional
Liquidators, Karen B. Dine, Esq., at Pillsbury Winthrop Shaw
Pittman LLP, in New York, tells the Court that approximately
10.5% of all beneficial investors in Basis Yields are located in
the Cayman Islands and as of May 31, 2007, only three countries
had equal or greater concentrations of beneficial investors.  In
addition, beneficial investors are located in approximately
20 countries, but none are in the United States.

Basis Yield's Cayman Islands investors are two feeder funds.
Beneficial investors are investors in the feeder funds and,
through the feeder funds, may be thought to be the final equity
stakeholders in Basis Yield.

Ms. Dine contends that:

   * Basis Yield pays significant regularly recurring fees to
     its investment manager, administrator, and auditor, all of
     whom are Cayman Island entities;

   * Basis Yield's agreements with its investment manager and
     administrator are governed by the laws of the Cayman
     Islands; and

   * Basis Yield's register of shareholders, principal books and
     records, and books of account are all located in the Cayman
     Islands.

Accordingly, the Liquidators ask the U.S. Bankruptcy Court to
grant their request to recognize the Fund's Cayman Islands
liquidation proceeding as a foreign main proceeding.

             Citigroup Responds to Injunction Request

As previously reported, Judge Gonzalez directed all parties-in-
interest to appear at a hearing before the Honorable Robert E.
Gerber in Manhattan to show why a preliminary injunction should
not be granted in the Chapter 15 case.

Representing Citigroup Global Markets Limited, Lindsee P.
Granfield, Esq., at Cleary Gottlieb Steen & Hamilton LLP, in New
York, relates that while Citigroup Global Markets does not
currently object to the entry of a preliminary injunction, it
reserves its rights to object to the request to recognize the
main proceeding as foreign.

Ms. Granfield contends that it does not appear that either the
Preliminary Injunction Motion or the Chapter 15 Petition include
the necessary facts to make a prima facie case for recognition
of Basis Yield's Cayman liquidation proceeding as either a
foreign main proceeding or a foreign non-main proceeding as
defined in Section 1502.

Ms. Granfield further contends that while the Petition and
Preliminary Injunction Motion indicate that Basis Yield is
incorporated in and regulated by the Cayman Islands, it did not
provide information on whether:

   * Basis Yield staffed any employees or managers in the
     Cayman Islands;

   * any of Basis Yield's assets are or were located in the
     Cayman Islands;

   * the location of the majority of Basis Yield's creditors
     whose interests will be affected by recognition;

   * the location from which Basis Yield's funds were managed;
     or

   * where Basis Yield's books and records are maintained and
     stored.

The declarations of Hugh Dickson and Sandra Corbett, filed
together with the request, do not disclose the basis or factual
support for their conclusion, Ms. Granfield says.

According to Ms. Granfield, without factual support, neither
creditors nor the Court can make any determination as to whether
Basis Yield has its "center of main interests" in the Cayman
Islands.

Although the Liquidators filed a supplement to their request,
Ms. Granfield argues that the supplement does not answer all of
the factual questions that are relevant to whether recognition
is proper as either a main or non-main proceeding.

Citigroup wants any preliminary injunction order to be without
prejudice to future objections to the Petition.

                      About Basis Capital

Basis Yield Alpha Fund (Master) is a Cayman Islands-based mutual
fund managed by Basis Capital Fund Management Ltd. in Australia.

Basis Capital is fully licensed and regulated by the Australian
Securities and Investment Commission as a Responsible Entity.

Basis Capital is a founding member of the Australian Chapter
of the Alternative Investment Management Association.

Bloomberg relates Basis Capital was declared "Fund of the Year"
at the 2005 AsiaHedge awards.  It was also named "Skilled
Manager of the Year" by Macquarie Bank Ltd. in 2004.

                      Road to Bankruptcy

Following the volatility in the market related to the United
States sub-prime lending defaults, by June 2007, Basis Yield
began to suffer a significant devaluation of its asset
portfolio.   The devaluation of the Fund's secured assets led to
margin calls from trade counterparties, which Basis Yield was
ultimately unable to meet.  This, in turn, resulted in the
issuance of several default notices by the counterparties and
the exercise of their rights under their agreements to close out
trades and to seize or sell Basis Yield assets that had been the
subject of repurchase agreements or over which they held
security interests.

Default notices were issued by, inter alia, J.P. Morgan Chase
Bank N.A., Goldman Sachs International, Citigroup Global Markets
Limited, Morgan Stanley, Lehman Brothers International (Europe),
and Merrill Lynch International.

In addition, two counterparties issued bid lists for Basis
Yield's assets, which resulted in additional downward pressure
on the relevant asset classes and a further devaluation of the
Fund's assets.

Basis Yield disputed many of the default notices issued or
purportedly issued by various parties.

Basis Capital stopped redemptions from its Yield Alpha Fund and
Aust-Rim Opportunity Fund in July 2007 after both funds lost 9%
and 14% in June, Bloomberg says.

Basis Capital retained The Blackstone Group to act as financial
advisor to the Yield Alpha Fund and Pac-Rim Opportunity Funds.
Blackstone's role included negotiating with investment banks to
prevent adverse pricing and selling of both funds' assets.

For the past five years, the Yield Alpha Fund returned 15.5% on
average while the Aust-Rim Opportunity Fund provided almost 15%
return on average, according to Bloomberg, citing a July 2007
report by Zenith Investment Partners posted on Basis Capital's
Web site.

Bloomberg notes that the Basis Capital funds had the highest
five-star ratings from Standard & Poor's before the ranking was
put "on hold" on July 17, 2007, because of "issues potentially
affecting the management of the fund," according to S&P.

                    Chapter 15 Ancillary Case

On August 29, 2007, the Liquidators filed a petition before the
U.S. Bankruptcy Court for the Southern District of New York
seeking recognition of Basis Yield's liquidation in the Cayman
Islands as a "foreign main" proceeding under Chapter 15 of the
U.S. Bankruptcy Code.  The Liquidators also asked the U.S. Court
to enjoin and restrain U.S. creditors from commencing actions
with respect to the Fund's assets in the United States.

Basis Yield is estimated to have more than US$100,000,000 in
total assets and total liabilities, and less than 49 creditors,
the Chapter 15 petition said.

The Liquidators noted that in excess of US$50,000,000 of Basis
Yield's assets, held by various financial institutions, are
located within the United States.

Basis Capital has said losses in Basis Yield could exceed 80%,
Tiffany Kary and Jenny Strasburg at Bloomberg report.


BERRY BIRCH: Brings In Liquidators from KPMG
--------------------------------------------
Finbarr Thomas O'Connell and Jane Bronwen Moriarty of KPMG LLP
were appointed joint liquidators of Berry Birch & Noble Estate
Planning Ltd. (formerly Berry Birch & Noble Estates Planning
Ltd. and Ever 1937 Ltd.) on Aug. 31 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         8 Salisbury Square
         London
         EC4Y 8BB
         England

The company can be reached at:

         Berry Birch & Noble Estate Planning Ltd.
         Eaton House
         1 Eaton Road
         Coventry
         CV1 2FJ
         England


CLASSICAL PROM: Names Stephen John Tancock Liquidator
-----------------------------------------------------
Stephen John Tancock of Smith & Williamson Ltd. was appointed
liquidator of The Classical Prom Co. Ltd. on Sept. 6 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         First Floor
         89 King Street
         Maidstone
         Kent
         ME14 1BG
         England


DURA AUTOMOTIVE: Wants Court to Bless Disclosure Statement
----------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
the Disclosure Statement explaining the terms of the Joint Plan
of Reorganization.

The Debtors filed their Plan on Aug. 22, 2007.

Section 1125(b) of the Bankruptcy Code requires that a plan
proponent provide "adequate information" regarding its proposed
plan of reorganization.  Section 1125(a)(1) defines adequate
information as "information of a kind, and in sufficient detail,
as far as is reasonably practical in light of the nature and
history of the debtor and the condition of the debtor's books
and records, that would enable a hypothetical reasonable
investor typical of holders of claims or interests of the
relevant class to make an informed judgment about the plan."

The Debtors aver that the Disclosure Statement complies with all
aspects of Section 1125.

Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Disclosure Statement is
the product of the Debtors' extensive review and analysis of the
circumstances leading to the Chapter 11 cases and a thorough
analysis of the Plan.

In drafting the Disclosure Statement, the Debtors sought the
assistance and input of their financial and legal advisors,
Mr. Madron tells the Court.  The Debtors also sought and
received comments on the Plan and Disclosure Statement from the
retained professionals for the ad hoc group of certain of the
Debtors' second lien prepetition secured lenders, agents to the
Debtors' postpetition secured lenders, the Official Committee of
Unsecured Creditors, the indenture trustee for senior notes, and
backstop party Pacificor, LLC.

Mr. Madron maintains that the Disclosure Statement contains the
pertinent information necessary for holders of eligible claims
to make an informed decision about whether to vote to accept or
reject the Plan, including, among other things:

  * the treatment of all classes of creditors and equity
    interests;

  * a description and summary of the injunction and releases
    granted by the Plan;

  * the purpose, use, and effect of the Plan's contemplated
    substantive consolidation;

  * the Debtors' history, including certain events leading to
    the commencement of the Chapter 11 cases;

  * the operation of the Debtors' businesses and significant
    events during the Chapter 11 cases;

  * the Debtors' corporate structure and prepetition capital
    structure and indebtedness;

  * securities to be issued under the Plan;

  * risk factors to consider that may affect the Plan;

  * restructuring transactions contemplated by the Plan;

  * the means for implementation of the Plan; and

  * a disclaimer indicating that no statements or information
    concerning the Debtors and their assets and securities are
    authorized other than those set forth in the Disclosure
    Statement.

A hearing is scheduled for Sept. 26, 2007, at which time the
Court will evaluate DURA's Disclosure Statement to determine
whether it contains "adequate information" to enable creditors
to vote to accept the Plan.

                      About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007.  (Dura Automotive Bankruptcy News, Issue No. 28 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DURA AUTOMOTIVE: Wants Court Nod on Solicitation Procedures
-----------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
certain procedures by which they will solicit acceptances or
rejections of the Plan in order to conduct an effective
solicitation of acceptances or rejections of the Joint Plan of
Reorganization.

In accordance with Rule 3018(c) of the Federal Rules of
Bankruptcy Procedure, the Debtors prepared and customized
ballots for individual holders of claims in Class 3 and Class 5,
and master ballots for Class 3, the only classes entitled to
vote to accept or reject the Plan.

Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that holders of claims in Classes
1 and 2 are unimpaired because the Plan contemplates either
paying those claims in full, or rendering them unimpaired.
Accordingly, Class 1 and 2 claim holders are deemed to accept
the Plan pursuant to Section l126(f) of the Bankruptcy Code, and
not entitled to vote.

Holders of claims in Classes 4, 6, and 7 and equity interests in
Class 8 are also not entitled to vote on the Plan because they
will not receive any distribution on account of their claims.
Those classes are therefore deemed to reject the Plan pursuant
to Section l126(g), Mr. Madron says.

                    Solicitation Procedures

Within five business days after the Court approves the
Disclosure Statement, Kurtzman Carson Consultants, LLC, or
Financial Balloting Group will send a complete solicitation
package to Holders of Class 3 Senior Notes Claims.

The Solicitation Package consists of:

  * the Plan;

  * the Disclosure Statement;

  * the Disclosure Statement Order;

  * a notice on the hearing to consider confirmation of the
    Plan;

  * subscription documents for participation in the Rights
    Offering under the Plan;

  * appropriate ballot, master ballot, and voting instructions;

  * pre-addressed, postage pre-paid return envelope; and

  * appropriate letter of four customized letters from the
    Debtors.

Kurtzman Carson is the Debtors' claims and solicitation agent.

Financial Balloting will assist Kurtzman Carson as:

  (a) the special voting agent with respect to soliciting votes
      of holders of claims based on publicly traded securities,
      in particular, the Class 3 Senior Notes Claims; and

  (b) as the subscription agent for the Rights Offering.

Holders of Class 5 Other General Unsecured Claims will receive
the Solicitation Package excluding the Subscription Documents.

Holders of claims in Classes 1, 2, 4, 6, and 7 will receive
notices of their non-voting status and the Solicitation Package
excluding the Ballots and Master Ballots, Subscription
Documents, and Letters.

Holders of Class 8 Equity Interests will receive the appropriate
Notice of Non-Voting Status and the Confirmation Hearing Notice.

Holders of DIP Claims, Administrative Claims, Priority Tax
Claims, and Other Priority Claims will receive the appropriate
Notice of Non-Voting Status and the Solicitation Package
excluding the Ballots and Master Ballots, Subscription
Documents, and Letters.

                       Voting Record Date

Bankruptcy Rule 3017(d) provides that, for the purposes of
soliciting votes in connection with the confirmation of a plan
of reorganization, "creditors and equity security holders shall
include holders of stocks, bonds, debentures, notes and other
securities of record on the date the order approving the
disclosure statement is entered or another date fixed by the
court, for cause, after notice and a hearing."  Bankruptcy Rule
30l8(a) contains a similar provision regarding determination of
the record date for voting purposes.

In accordance with Bankruptcy Rules 3018(a) and 3017(d), the
Debtors ask the Court to establish the date on which the hearing
to consider approval of the Disclosure Statement commences as
the
record date for purposes of determining:

  (1) the creditors and interest holders that are entitled to
      receive the Solicitation Package pursuant to the
      Solicitation Procedures;

  (2) the creditors and interest holders entitled to vote to
      accept or reject the Plan; and

  (3) whether claims or interests have been properly transferred
      to an assignee pursuant to Bankruptcy Rule 3001(e) so that
      those assignee can vote as the holder of the appropriate
      claims or equity interests.

The Disclosure Statement Hearing is currently set for
September 26, 2007, Mr. Madron notes.

              Temporary Claim Allowance Procedures

The Debtors also ask the Court to approve certain procedures
regarding the temporary allowance of claims for voting purposes
only.

Specifically, if an objection to a claim is pending on the
Voting Record Date, the claim holder will receive a copy of the
Confirmation Hearing Notice and a notice informing the holder
that it may not vote on the Plan unless one or more of these
events occur prior to the deadline to cast votes:

  * The Court temporarily allows the disputed claim for voting
    purposes pursuant to Bankruptcy Rule 30l8(a);

  * The Debtors and the claim holder enter into a stipulation or
    agreement resolving the claim objection and permitting the
    claim holder to vote its claim in an agreed upon amount;

  * The Debtors voluntarily withdraw the pending claim
    objection; or

  * The Court overrules the claim objection.

                        Voting Deadline

In addition, the Debtors ask the Court to establish 5:00 p.m.,
prevailing Pacific time, on the date that is 10 days before the
Plan Confirmation Hearing, as the deadline to cast votes in
favor of or against the Plan, as well as the deadline by which a
Rights Offering Participant must affirmatively elect to
participate in the Rights Offering.

The Debtors also seek the Court's authority to extend the Voting
Deadline for all voting creditors, if necessary, without further
Court order, to date no later than five business days before the
Confirmation Hearing.

                   Plan Confirmation Hearing

Moreover, the Debtors ask the Court to convene the Plan
Confirmation Hearing approximately 47 days after the
Solicitation Package is distributed to voting creditors, which
date may be continued from time to time by the Court or the
Debtors without further notice other than adjournments announced
in open Court.


The proposed timing for the Confirmation Hearing will enable the
Debtors to pursue confirmation of the Plan in a timely manner,
Mr. Madron avers.

The Confirmation Hearing Notice to be sent to parties-in-
interest contains, among other things, the:

  (a) deadline to object to the Plan;

  (b) Confirmation Hearing date and time;

  (c) Voting Deadline;

  (d) Voting Record Date; and

  (e) Temporary Claim Allowance Procedures.

According to Mr. Madron, the Confirmation Hearing Notice will
inform parties-in-interest that the Plan, the Disclosure
Statement, the Disclosure Statement Order, and all other
Solicitation Package materials except Ballots, Master Ballots
and Subscription Documents can be obtained by:

  * accessing the Debtors' Web site at:

    http://dura.kccllc.net/dura

  * writing to:

    Dura Automotive Systems, Inc.
    c/o Kurtzman Carson Consultants LLC
    2335 Alaska Avenue, EI
    Segundo, CA 90245

  * sending an email to durainfo@kccllc.com; or

  * calling (800) 820-0985.

The Debtors propose that objections to confirmation of the Plan
or proposed modifications to the Plan, if any, must:

  -- be in writing;

  -- state the name and address of the objecting party;

  -- state the amount and nature of the claim or interest of the
     objecting party;

  -- state with particularity the basis and nature of the Plan
     Objection and, if practicable, proposed modifications to
     the Plan that will resolve the Objection; and

  -- be filed, together with proof of service, with the Court
     and served so as to be received by these Notice Parties no
     later than 4:00 p.m., prevailing Eastern Time, on the date
     that is 21 days prior to the date of the Confirmation
     Hearing:

        * the Debtors,

        * Kirkland & Ellis LLP and Richards Layton & Finger,
          P.A., counsel to the Debtors,

        * the U.S. Trustee;

        * Young Conaway Stargatt & Taylor, LLP, and Kramer Levin
          Naftalis & Frankel LLP, counsel to the Official
          Committee of Unsecured Creditors,

        * Willkie Farr & Gallagher LLP, counsel to the Bank of
          New York Trust Company, N.A., as Indenture Trustee for
          the Senior Notes,

        * Weil, Gotshal & Manges LLP and Winston & Strawn,
          counsel to the DIP Lenders;

        * Kurtzman Carsou Consultants LLC, the Debtors' claims
          and solicitation agent,

        * Potter Anderson & Corroon LLP and Bracewell &
          Giuliani, counsel to the Second Lien Group,

        * Morgan, Lewis & Bockius LLP, counsel to the
          Administrative Agent to the 2nd Lien Lenders, and

        * Latham & Watkins LLP, counsel to backstop party,
          Pacificor LLC.

The proposed timing for filing and service of objections and
proposed modifications, if any, will afford the Court, the
Debtors, and other parties-in-interest sufficient time to
consider the objections and proposed modifications prior to the
Confirmation Hearing, Mr. Madron relates.

The Debtors seek the Court's permission to file their reply to
any Plan Objections by 12:00 p.m., prevailing Eastern Time, two
business days before the Confirmation Hearing.

                      About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007.  (Dura Automotive Bankruptcy News, Issue No. 28 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


EMI GROUP: Redeems Outstanding GBP325 Million Bonds
---------------------------------------------------
EMI Group Plc redeemed all of the outstanding GBP250 million
8.25% bonds due 2008 and GBP75 million 8.25% bonds due 2008 on
Sept. 11, 2007.

The bonds were redeemed at the price set out in the company
announcement on Sept. 7, 2007.

The bonds, which are listed in the London Stock Exchange, will
be canceled and there are no further bonds outstanding.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

As reported in the TCR-Europe on Aug. 6, 2007, Moody's Investors
Service downgraded EMI Group plc's corporate family and senior
debt ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.

Ratings downgraded to B1 (under review for further downgrade)
are:

EMI Group plc

   -- CFR and the ratings of the 8.25% GBP bonds due 2008 and
      the 8.625% Euro notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

   -- the rating of the 8.375% guaranteed notes due 2009.

All ratings remain under review for possible downgrade.  Maltby
has not yet signaled whether any of the rated instruments are
expected to form part of EMI's capital structure to the extent
they remain outstanding under their terms.

Moody's ongoing review will now be focused on :

   (i) the new entity's capital structure and financial policies

  (ii) the relative position of the rated instruments within the
       new capital structure and their relative ranking amongst
       each other and relative to other classes of debt (to the
       extent they remain outstanding) and

(iii) the outlook for the global music markets and the
       company's operational plans.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


EUROTECHNIX LTD: Creditors' Meeting Slated for Sept. 25
-------------------------------------------------------
Creditors of Eurotechnix Ltd. (Company Number 02885522) will
meet at 11:00 a.m. on Sept. 25 at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Sept. 22 at:

         Frank Wessely
         Joint Administrator
         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.


FORD MOTOR: Health Fund Remains Main Sticking Point in Talks
------------------------------------------------------------
Detroit's “big three” automakers and the United Auto Workers are
continuing to hammer out vital points concerning the biggest
issue in its contract negotiations –- the  creation of a
multibillion-dollar, union-controlled health care trust fund,
Jeffrey Mccracken writes for the Wall Street Journal, citing
people familiar with the matter.

According to the report, sources close to the matter claim that
the parties involved have largely come to agreement on issues
such as health care inflation and actuarial figures about the
721,000 active workers, retirees and spouses covered by the auto
makers.   The trust fund is expected to cut about US$95 billion
from the carmakers' retiree costs.

The three automakers are believed to be pushing to finance the
health care fund at no more than 70 cents on the dollar, which
would create a trust fund in excess of US$60 billion, making it
one of the largest investment funds in the country, WSJ states.

However, a huge gap remains between funding proposed by the auto
makers and the level discussed by the UAW, described as "still
well into the several-billion-dollars range" by a person
familiar with the talks, although the two have narrowed the gap
over the past week, WSJ relates.  The UAW is amenable to
creating a trust fund for retiree health-care benefits as long
as all of the parties involved can reach an agreement on funding
terms.

While the contract negotiations continue, the UAW has helped GM,
Ford and Chrysler in their respective turnaround efforts by
reducing the number of workers eligible for "jobs bank" programs
through buyout programs that have cut over 55,000 factory jobs,
Reuters reports, quoting UAW president Ron Gettelfinger.

Under the jobs bank provision, workers get paid nearly their
full salaries if they are laid off.  As part of the jobs bank,
workers can do volunteer community work or go to school or just
report to the plant, Jui Chakravorty writes for Reuters.

Mr.  Gettelfinger had earlier said that the jobs bank was "not
an issue" but after the UAW gave up union jobs, he would not go
into these talks "in a concessionary mode."  The jobs bank
benefit is part of the concerns to be discussed in the ongoing
talks, Reuters says.

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom.  The Company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                        *     *     *

As reported in the TCR-Europe on July 31, 2007, Moody's
Investors Service said that the performance of Ford Motor
Company's global automotive operations for the second quarter of
2007 was significantly stronger than the previous year and
better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.


GENERAL MOTORS: Health Fund Remains Main Sticking Point in Talks
----------------------------------------------------------------
Detroit's “big three” automakers and the United Auto Workers are
continuing to hammer out vital points concerning the biggest
issue in its contract negotiations –- the  creation of a
multibillion-dollar, union-controlled health care trust fund,
Jeffrey Mccracken writes for the Wall Street Journal, citing
people familiar with the matter.

According to the report, sources close to the matter claim that
the parties involved have largely come to agreement on issues
such as health care inflation and actuarial figures about the
721,000 active workers, retirees and spouses covered by the auto
makers.   The trust fund is expected to cut about US$95 billion
from the carmakers' retiree costs.

The three automakers are believed to be pushing to finance the
health care fund at no more than 70 cents on the dollar, which
would create a trust fund in excess of US$60 billion, making it
one of the largest investment funds in the country, WSJ states.

However, a huge gap remains between funding proposed by the auto
makers and the level discussed by the UAW, described as "still
well into the several-billion-dollars range" by a person
familiar with the talks, although the two have narrowed the gap
over the past week, WSJ relates.  The UAW is amenable to
creating a trust fund for retiree health-care benefits as long
as all of the parties involved can reach an agreement on funding
terms.

While the contract negotiations continue, the UAW has helped GM,
Ford and Chrysler in their respective turnaround efforts by
reducing the number of workers eligible for "jobs bank" programs
through buyout programs that have cut over 55,000 factory jobs,
Reuters reports, quoting UAW president Ron Gettelfinger.

Under the jobs bank provision, workers get paid nearly their
full salaries if they are laid off.  As part of the jobs bank,
workers can do volunteer community work or go to school or just
report to the plant, Jui Chakravorty writes for Reuters.

Mr.  Gettelfinger had earlier said that the jobs bank was "not
an issue" but after the UAW gave up union jobs, he would not go
into these talks "in a concessionary mode."  The jobs bank
benefit is part of the concerns to be discussed in the ongoing
talks, Reuters says.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


HERMES XIV: Fitch Rate's EUR18 Million Class E Notes at BB
----------------------------------------------------------
Fitch Ratings has assigned expected ratings to Holland Mortgage
Backed Series (Hermes) XIV's EUR2 billion floating-rate notes,
due November 2039:

   -- EUR500 million senior Class A1 mortgage-backed notes:
      'AAA'

   -- EUR1.398 billion senior Class A2 mortgage-backed notes:
      'AAA'

   -- EUR16 million mezzanine Class B mortgage-backed notes:
      'AA+'

   -- EUR54 million mezzanine Class C mortgage-backed notes: 'A'

   -- EUR14 million junior Class D mortgage-backed notes: 'BBB+'

   -- EUR18 million subordinated Class E floating-rate notes:
      'BB'

Each rated class of notes in this transaction is expected to
have a Stable Outlook.

The final ratings are contingent upon the receipt of final
documents conforming to information already received.

Hermes XIV is a securitization of Dutch residential mortgages
originated by SNS Bank N.V. (rated 'A+'/'F1'/Outlook Stable) and
its wholly-owned subsidiary BLG Hypotheekbank N.V.  The
portfolio consists of first-ranking fixed- and floating-rate
mortgages secured over residential properties located in the
Netherlands.

The expected ratings are based on the quality of the collateral,
available credit enhancement and excess spread, a sound legal
structure, the underwriting and servicing of SNS, the liquidity
facility, the guaranteed investment contract in place and the
interest rate swap provided and guaranteed by SNS.  At closing,
credit enhancement provided by subordination will be 5.1% for
the Class A notes, 4.3% for the Class B notes, 1.6% for the
Class C notes and 0.9% for the Class D notes.  Like Hermes XIII,
the transaction does not benefit from a reserve fund; the credit
enhancement for each class of notes is provided by
subordination, as well as the 35bps excess spread paid under the
swap.


INTERNATIONAL RECTIFIER: Accounting Errors Cue 10-K Filing Delay
----------------------------------------------------------------
International Rectifier Corporation disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission that it
will be unable to timely file its Annual Report on Form 10-K for
the fiscal year ended June 30, 2007.

The company previously disclosed on April 9, 2007, that the
Audit Committee of the Board of Directors determined that the
company's financial statements for the preceding six quarters
and the fiscal year ended June 30, 2006, should no longer be
relied upon.

Additionally, on May 11, 2007, the Audit Committee has also
determined that the company's financial statements for the
quarters ended March 31, 2005 and June 30, 2005, and for the
fiscal year ended June 30, 2005 should no longer be relied upon.

These determinations were based on accounting irregularities
discovered at the company's Japan subsidiary by independent
investigators hired by outside legal counsel conducting an
investigation at the Audit Committee's request.

In addition to accounting irregularities discovered in
connection with the company's ongoing investigation, the company
has also identified issues associated with its transfer pricing
methodology and other tax issues for its fiscal years 2002
through 2007.

Review of potential tax liabilities, credits and related matters
is currently under way.  The company has not yet completed its
determination of the amount of additional tax liability, but
believes the amount of any potential tax liability is material
to income in fiscal years 2004 through 2007.

Accordingly, at a meeting on Aug. 29, 2007, the Audit Committee
concluded that, in addition to the periods specified in the
company's April 9, 2007 Current Report on Form 8-K and May 11,
2007 Current Report on Form 8-K/A, the Company's financial
statements for:

    (i) the fiscal quarters ended Sept. 30, 2003, Dec. 31, 2003,
        March 31, 2004 and June 30, 2004;

   (ii) the 2004 fiscal year ended June 30, 2004; and

  (iii) the fiscal quarters ended  September 30, 2004 and
        Dec. 31, 2004,

should not be relied upon.

The Audit Committee has discussed the matters disclosed in this
filing with the company's independent registered public
accounting
firm.

International Rectifier Corporation -- http://www.irf.com/--
(NYSE:IRF) is a world leader in power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.  Leading manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on IR's power management
solutions to power their next generation products.  The company
has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.


INTERNATIONAL RECTIFIER: S&P Retains Negative Watch on BB Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating on International Rectifier Corp. remains on
CreditWatch with negative implications.  International Rectifier
has stated that it cannot timely file its form 10-K for the
June 30, 2007 fiscal year, because of an ongoing investigation,
led by IR's audit committee, into the company's financial
reporting at a foreign subsidiary and related material
weaknesses in internal controls.

As a result of the investigation, as well as accounting issues
related to restructuring costs and tax matters, IR will need to
restate prior years' financial statements.

"The ratings originally were placed on CreditWatch on April 9,
2007, when the matter was first disclosed; subsequently, the
company extended the period of time during which its financial
results were not to be relied upon, extending back to fiscal
2002," said Standard & Poor's credit analyst Bruce Hyman.

Additionally, the company's chief financial officer and certain
sales executives have left the company, and the CEO has been
placed on leave.  The company has further found that cash tax
liabilities may exceed US$75 million, while its cash outlays
related to the investigation have been substantial.  While the
quality of both accounting and corporate governance remain
analytical concerns, IR is believed to have sufficient operating
liquidity (net cash was over US$500 million at Dec. 31, 2006,
the last-filed financial statement date) and has no debt, which
should cushion the downside risk to the corporate credit rating.

S&P will continue to monitor events to assess the effect on its
ratings on International Rectifier.

International Rectifier Corporation -- http://www.irf.com/--
(NYSE:IRF) is a world leader in power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.  Leading manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on IR's power management
solutions to power their next generation products.  The company
has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.


LCS COMBINED: Appoints Liquidators from BDO Stoy Hayward
--------------------------------------------------------
David Swaden and Matthew Dunham of BDO Stoy Hayward LLP were
appointed joint liquidators of LCS Combined Services Ltd.
(formerly Liverpool Cleaning Service Ltd.) on Sept. 5 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


METRONET GROUP: London Underground Eyes Contract Restructuring
--------------------------------------------------------------
London Underground is looking at restructuring Metronet Rail
Group's GBP30 billion public private partnership contracts once
it takes control of the insolvent maintenance company, Marcus
Leroux and Ben Webster write for The Times.

"If we got hold of it, we'd get these contracts restructured and
that would be saleable.  We could break it up and put the
station upgrades out to somebody and the track upgrades out to
somebody else," Tim O'Toole, the managing director of LU, was
quoted by the Times as saying.

LU, which earlier expressed its interest in the contracts, is
expected to submit a formal offer before the end of this month,
although Metronet administrator Ernst & Young indicated it might
still seek for other bidders following the valuation of the
company, the Times relates.

However, according to Bloomberg News, LU expects no other
bidders would emerge as Metronet has already proved its contract
"doesn't have any value."

                       Metronet's Debt

Metronet owes GBP1.6 billion in secured debt, the London
Assembly says.

At London's Assembly Transport Committee meeting on Sept. 11,
2007, key players in Metronet's PPP Administration said LU's
owner Transport for London has underwritten 95% of this amount
and is ultimately liable for the debt.

In addition to the secured debt, the administrator of Metronet
has up to an GBP897 million loan facility with Transport for
London, which may be used to cover the company's estimated GBP19
million weekly operating deficit.  Under questioning from the
Committee, Mr. O'Toole, said he was in discussion with the
Department for Transport about covering the costs of Metronet's
failure, but that he does not know if or when any money would be
paid back to TfL.

Committee Members also expressed concern at confirmation that
the station refurbishment program has been suspended as a result
of Metronet going into Administration.

"I am pleased that Londoners are now clearer on exactly how much
money Metronet – or 'Metro-debt' as they could now be called -
owes.  However, we are still not clear as to how the situation
will be resolved.  Whatever happens, it needs to happen quickly,
as vital station refurbishment work is not being done," Roger
Evans AM, chair of the Assembly's Transport Committee, said.

                 Impact on 2012 Olympic Games

Meanwhile, a spokesman for TfL dismissed The Rail, Martime and
Transport Union's claims that Metronet's troubles might affect
the preparations for the 2012 Olympic Games, BBC News reports.

According to the union's leader Bob Crow, Metronet's collapse is
costing around GBP250,000 a day.

"It is an expensive charade.  The Government should end the
uncertainty and allow London's Mayor to bring Metronet contracts
back into the public sector," Mr. Crow said.

RMT carried out a 72-hour strike last week over job cuts and
pensions, BBC News relates.

                     About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators.

                            *   *   *

As reported in the TCR-Europe on July 20, 2007, Moody's
Investors Service downgraded to B1 from Ba2 the senior secured
unguaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance Plc.


NORTHERN ROCK: Seeks Outside Help to Avert Liquidity Crisis
-----------------------------------------------------------
In light of the continuing extreme conditions in global
liquidity, Northern Rock plc has released an update on its
trading performance and outlook to the market.

It has now become clear that the global credit and liquidity
markets have not recovered in the early part of September, and
that there continues to be a severe liquidity squeeze.  In the
UK, this is demonstrated by three-month Sterling Libor currently
running at over 1% higher than Bank Base Rate.

In these circumstances, Northern Rock has taken action to
preserve liquidity and to maintain margins on its current loan
book, while modifying its lending approach to avoid writing new
business that is unprofitable in current conditions.

Although Northern Rock expects its new lending volumes to
increase once the wholesale funding markets return to more
normal volumes and prices, it must now plan on the basis that
the wholesale funding markets will not return to historic levels
in the short to medium term.

In addition, the previously announced decision to dispose of
more capital inefficient assets has been suspended but will be
resumed once the pricing environment for such assets improves.

On the assumption that the current conditions remain until the
end of 2007, there will clearly be an impact on Northern Rock’s
2007 asset growth and, therefore, on profits.  There will also
be a consequential impact on its 2008 profits, which will be
driven by developments in global liquidity conditions and the
interest rate and credit risk environment, as well as the
prospects for the UK mortgage market.

                         Funding Update

Global investor appetite in the medium and long term markets,
for either senior unsecured or asset backed securities, is
currently greatly reduced.  While Northern Rock expects
conditions will improve over the medium term, potential volumes
and pricing levels for the remainder of 2007 are likely to
remain less favorable than those which have been achieved during
the last two years.

While Northern Rock has continued to raise new funds, these have
been mainly in the short term wholesale debt markets and the
amounts raised have not allowed Northern Rock to refinance
maturing liabilities as well as to write new business at
previous levels.

In view of the difficulties Northern Rock has had in accessing
longer term funding and the mortgage securitization markets, the
Company has been using its cash and other liquid reserves to
support the funding of its business.  Northern Rock expects
current market conditions to continue for some time.  In light
of the above, Northern Rock has concluded that it is important
to ensure that additional standby liquidity arrangements are
available.

Accordingly, Northern Rock has agreed with the Bank of England
that it can raise such amounts of liquidity as may be necessary
by either borrowing on a secured basis from the Bank of England
or entering into repurchase facilities with the Bank of England.

Such repurchase facilities would include securities that have
prime residential mortgage assets as underlying collateral.  The
collateral that can be used under this "Repo" facility is
similar in nature to the collateral currently utilized by many
Eurozone banks with the ECB.  This additional source of funding
will enable Northern Rock to adapt its business model in line
with the developing market conditions.

                      Lending Volumes Update

In the first eight months of the year, Northern Rock’s total net
lending was up 43% over the same period in 2006, with net
residential lending up 55%.  Given the current global liquidity
squeeze, Northern Rock has slowed new lending volumes and
believes the effects of slower lending will be reflected in
fourth quarter figures.  The company expects that total asset
growth for 2007 will be around 9%.

                         Asset Quality

Northern Rock is a prime-only lender and credit quality on all
its loan books remains strong.  Three months plus arrears in the
residential book were 0.47% at the end of August (0.47% in
June), still under half the industry average, and 1.21% (1.11%
in June) on the standalone unsecured book.  Three months plus
arrears on the Together secured book were 0.86% at the end of
August (0.90% in June).

                         Costs Update

Costs at Northern Rock continue to be tightly controlled, with
cost growth expected at around 3% in 2007, which is lower than
previously guided reflecting reduced business activity.

                   Restated Profit & Outlook

Given the slowing of asset growth resulting from the credit and
liquidity turmoil, Northern Rock now expects underlying profit
before tax for 2007 will be around GBP500 million – GBP540
million, compared to GBP588 million in 2006.  Current consensus
forecast for 2007 underlying profit before tax is GBP647
million, which includes around GBP37 million from further asset
sales and swap gains beyond those already realized.

The company's expectation for 2007 assumes no further programmed
asset disposals in 2007 and no further AFS gains or interest
rate swap gains, other than those already announced and booked
at the time of the first half results.

Northern Rock will continue its strategy of providing prime-only
UK residential mortgages through its efficient and service
driven business platform.  The business model will, however,
evolve in line with the developing market conditions.

The outlook for 2008 will depend on the speed of the recovery in
global wholesale funding markets and where interest rate spreads
stabilize in the global wholesale funding markets, as well
as the evolution of the company’s business model.

Northern Rock remains well capitalized as indicated in its
interim results to June 30, 2007 and the company expects its
capital position to be strengthened further with slower asset
growth.  The interim dividend will be paid as planned on
Oct. 26, 2007.

Further information on Northern Rock’s 2007 trading performance
will be provided in a Preclose Trading Statement in early
December 2007.

Northern Rock CEO Adam J. Applegarth commented: “We are seeing
extreme conditions in global liquidity, which have impacted on
world markets.  As a result, we have taken prudent action to
rein back our lending until markets normalize.  Against
that background it is inevitable, albeit disappointing, that our
profits will be affected.”

“We remain focused on prime lending in the UK mortgage market
and our credit quality remains robust.  The support of the Bank
of England through this facility reflects a recognition that
Northern Rock is solvent, exceeds its regulatory capital
requirement and has a good quality loan book.  In these extreme
times we are pleased to have a high quality asset base and
remain confident in the excellence of our strong customer
franchise, our efficient business platform and our well-known
brand."

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios.  The company had more than US$200 billion in assets at
the end of June 2007.


PROTON HOLDINGS: Abdullah Denies VW Reports Asking for 20% Stake
----------------------------------------------------------------
German carmaker Volkswagen AG has not yet made any formal
proposal regarding its interest in taking a stake in Malaysia's
state-controlled carmaker Proton Holdings, Malaysian Prime
Minister Abdullah Ahmad Badawi told Reuters.

In an earlier report, Reuters, citing a person familiar with the
situation in Frankfurt, noted that VW wants to take a 20% stake
in Proton and could increase its interest to 50% within five
years.

There's no formal request and there's no formal proposal," Mr.
Abdullah told reporters.

VW's chief executive, Martin Winterkorn, also denied the
agreement report in an interview with the Frankfurter Allgemeine
Zeitung newspaper by saying: "This has not yet been agreed, but
it could go in that direction."

According to Reuters, the idea of the planned stake purchase is
for the Malaysian Government to gradually pull out while taking
on any losses during the starting phase.

The German carmaker has long been interested in strengthening
its position in Southeast Asia, the report relates.

                      About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


PROTON HOLDINGS: Unit Bags MYR4 Mil. Supply Deal with Toyota
------------------------------------------------------------
Miyazu (Malaysia) Sdn Bhd, a unit of Proton Holdings Bhd, has
secured a MYR4-million contract from Toyota Auto Body Malaysia
to supply car chassis for the next three years, The Edge Daily
reports.

The contract is expected to account for 80% of the unit's
production capacity, the report adds.

At the handing over of the first blanking sheet to TABM,
Proton's manufacturing director Datuk Kamarulzaman Darus said
the contract would see the company supplying 29 auto parts to
TABM, which would be delivered four times daily on the basis of
pull system in compliance with TABM's production cycle.  The
system is expected to increase Miyazu's overall equipment
effectiveness by 15%, the news agency relates.

Mr. Kamarulzaman added that the cooperation with TABM would
benefit Proton, as it would contribute towards the group's
overall revenue as well as providing Proton and Miyazu's
employees an opportunity to enhance and upgrade their
capabilities.

In addition, Proton also aims to be a key stamping dies and
parts supplier for TABM and Toyota Group globally from its
newly-set up plant in Shah Alam, Selangor.

Miyazu Chief Operating Officer Amrizal Abdul Majid said the
company planned to implement the stamping production line in its
Tanjung Malim plant in the next fiscal year after monitoring the
performance of its Shah Alam facility.

                      About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


R.A. GANDER: Joint Liquidators Take Over Operations
---------------------------------------------------
Anthony Murphy and Robert Horton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint liquidators of R.A. Gander
(Haulage) Ltd. on for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         Surrey
         GU1 4RA
         England


SPRAY PROCESSES: Brings In Liquidators from BDO Stoy Hayward
------------------------------------------------------------
Geoffrey Stuart Kinlan and Antony David Nygate of BDO Stoy
Hayward LLP were appointed joint liquidators of Spray Processes
Ltd. on Aug. 28 for the creditors' voluntary winding-up
procedure.

Mr. Kinlan can be reached at:

         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England

Mr. Nygate can be reached at:

         BDO Stoy Hayward
         8 Baker Street
         London
         W1U 3LL
         England

The company can be reached at:

         Spray Processes Ltd.
         49A Bromham Road
         Bedford
         Bedfordshire
         MK40 2AA
         England


SUNDANCE SPAS: Claims Filing Period Ends October 16
---------------------------------------------------
Creditors of Sundance Spas NW Ltd. have until Oct. 16 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to:

         Steven Draine
         Joint Liquidator
         Moore Stephens LLP
         3/5 Rickmansworth Road
         Watford
         Herts
         WD18 0GX
         England

Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of the company on Sept. 7 for the
creditors' voluntary winding-up proceeding.


THERMOMAX LTD: Creditors' Meeting Slated for Sept. 26
-----------------------------------------------------
Creditors of Thermomax (Great Britain) Ltd. (Company Number
02664234) will meet at 11:00 a.m. on Sept. 26 at:

         PricewaterhouseCoopers LLP
         Waterfront Plaza
         8 Laganbank Road
         Belfast
         BT1 3LR
         Northern Ireland

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Sept. 25 at:

         G.A. Calow and R.N. Lewis
         Joint Administrators
         PricewaterhouseCoopers LLP
         Waterfront Plaza
         8 Laganbank Road
         Belfast
         BT1 3LR
         Northern Ireland

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.


TRIMFOAM UK: Hires Liquidators from DTE Leonard Curtis
------------------------------------------------------
J. M. Titley and P. Reeves of DTE Leonard Curtis were appointed
joint liquidators of Trimfoam (U.K.) Ltd. on for the creditors'
voluntary winding-up procedure.

The joint liquidators can be reached at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         Bury
         Lancs
         BL9 8AT
         England


VETERINARY PRACTICE: Calls In Liquidators from PwC
--------------------------------------------------
Robert William Birchall and Stephen Mark Oldfield of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Veterinary Practice Initiatives Ltd. (formerly Veterinary
Business Consulting Ltd.) (t/a VPI) on Aug. 23 for the
creditors' voluntary winding-up procedure.

Mr. Birchall can be reached at:

         PricewaterhouseCoopers LLP
         12 Plumtree Court
         London
         EC4A 4HT
         England

Mr. Oldfield can be reached at:

         PricewaterhouseCoopers LLP
         Abacus House
         Castle Park
         Gloucester Street
         Cambridge
         CB3 0AN
         England


VICTORIA MORTGAGE: Names Joint Administrators from KPMG
-------------------------------------------------------
Chris Laverty and Mick McLoughlin of KPMG LLP were appointed
joint administrators of Victoria Mortgage Funding Ltd. on
Sept. 10, 2007.

The administrators are currently reviewing the financial
position of the company and are actively seeking a buyer for its
current portfolio.

According to the administrators, anyone with a mortgage offer
received after June 10, 2007, but where a property has not been
purchased should contact their mortgage broker as soon as
possible.

As reported in the TCR-Europe on Sept. 12, 2007, the British
subprime specialist has stopped funding new loans after its
financial backers withheld funds due to escalating costs.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

            About Victoria Mortgages Funding Limited

London-based Victoria Mortgages Funding Limited --
http://www.vmf-uk.com/-- specializes in the non-conforming
mortgage market.  U.S. venture capital group Venturion Capital
owns majority of Victoria Mortgages, which was launched in May
2005.  The firm's business represents about 0.064 per cent of
the UK mortgage market.

Victoria Mortgages distributes entirely through packagers who
bridge the gap between mortgage advisers and lenders.  It offers
a range of products from self-certified mortgages for prime
borrowers to mortgages for borrowers with heavy adverse credit.
The lender has 50 employees and 5,500 customers.  It sold GBP500
million worth of mortgages in 2006, accounting for about 3% of
the overall subprime market.


VIRAGEN INC: Swedish Unit Files for Bankruptcy Protection
---------------------------------------------------------
ViraNative AB, a wholly owned subsidiary of Viragen
International, Inc., applied for bankruptcy proceedings in the
District Court of Umea under the bankruptcy laws of Sweden.  The
company cited its inability to pay taxes and other debts.

The bankruptcy court has appointed Anders Bergman of
Ackordscentralen Norrland AB as bankruptcy administrator for
ViraNative.

Mr. Bergman will:

   -- inventory of the Debtor's assets;

   -- identify creditors and the amount of their claims;

   -- seek to identify purchasers for the Debtor's assets; and

   -- process their orderly liquidation and sale in accordance
      with Swedish laws.

While Viragen, Inc. continues to seek new sources of working
capital to fund its operations, and the operations of Viragen
International, Inc., the Companies do not intend to fund further
operations of ViraNative during the bankruptcy process.
Therefore, ViraNative's operations may be disrupted or halted.

Viragen, Inc. and Viragen International, Inc. are monitoring the
bankruptcy proceedings but at this stage cannot predict what
impact the proceedings may have on their respective operations.

                      About ViraNative AB

Headquartered in Umea, Sweden, ViraNative AB manufactures
Multiferon(R), a multi-subtype, human alpha interferon.  The
company's bankruptcy proceeding is docketed under Case Number
K1767-07.

                        About Viragen

Based in Plantation, Florida, Viragen Inc. (AMEX: VRA) (OTC BB:
VGNI) -- http://www.viragen.com/-- is a bio-pharmaceutical
company engaged in the research, development, manufacture and
commercialization of products for the treatment of cancers and
viral diseases.  The company operates from three locations:
Plantation, Florida, which contains the company's administrative
offices and support; Viragen (Scotland) Ltd., located outside
Edinburgh, Scotland, which conducts the company's research and
development activities; and ViraNative, located in Umea, Sweden,
which houses the company's human alpha interferon manufacturing
facilities.

As of June 30, 2006, the company owned approximately 81.2% of
Viragen International, Inc.  Subsequent to June 30, 2006, its
ownership interest of Viragen International was reduced to
approximately 77.0%.  Viragen International owns 100% of
ViraNative AB, its Swedish subsidiary, and 100% of Viragen
(Scotland) Ltd., its Scottish research center.

                       Going Concern Doubt

Ernst & Young LLP, in Fort Lauderdale, Fla., raised substantial
doubt about Viragen, Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the years ended June 30, 2006, and 2005.  The
auditing firm pointed to the company's recurring operating
losses, accumulated and stockholders' deficiencies, and
dependence on its ability to raise adequate capital to fund
necessary product commercialization and development activities.


VISCOUNT TOWN: Taps Liquidators from UHY Hacker Young
-----------------------------------------------------
Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were
appointed joint liquidators of Viscount Town and Country Homes
Ltd. (formerly Timecase Builders Ltd.) on Aug. 30 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London
         EC2Y 5DH
         England


WINDMILL CLO I: S&P Rates EUR15 Million Class E Notes at BB-
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR548 million senior secured floating-
rate notes to be issued by Windmill CLO I Ltd.  In addition,
Windmill CLO I will issue a class of unrated notes totaling
EUR52 million.

At closing, Windmill CLO I will issue the notes, the proceeds of
which, after paying transaction fees and expenses, will be
invested in a portfolio of predominately senior-secured
leveraged loans, mezzanine obligations, second-lien loans, PIK
only loans, and principal protected equity obligations.   The
transaction has a seven-year reinvestment period. The portfolio
manager will be Mizuho Investment Management (U.K.) Ltd.

The ratings reflect:

   -- The appropriate rating on the obligation assimilable du
      Tresor strips that will principal protect equity
      investments;

   -- Commensurate credit enhancement in the form of
      overcollateralization and subordination;

   -- A diversified collateral pool of loans;

   -- Currency risk protections;

   -- Strong collateral investment guidelines;

   -- The expected insolvency-remoteness of the issuer; and

   -- Various amortization triggers.

                          Ratings List

Windmill CLO I Ltd.
   EUR548 Million Floating-Rate Notes And EUR52 Million
   Subordinated Notes

                          Prelim.        Prelim. Amount
           Class          Rating           (Mln. EUR)
           -----          ------            --------
            A-1R           AAA                200
            A-1T           AAA                165
            A-2            AAA                 60
            B              AA                  55
            C              A-                  32
            D              NR                  21
            E              BB-                 15
            Subordinated
            notes          NR                  52

NR -- Not rated.


* Deloitte Appoints Two Members to its Executive Group
------------------------------------------------------
Deloitte & Touche LLP appointed to its executive group, Margaret
Ewing, a Deloitte vice-chairman, and Graham Richardson,
Deloitte's London office senior partner on Sept. 12.

"Margaret and Graham have a wealth of experience and lead
significant business areas within the firm.  Their focus is on
providing a range of financial, consulting and advisory services
to our clients," John Connolly, Deloitte senior partner and
chief executive commented.

"I'm extremely pleased to be joining Deloitte's Executive.  My
priorities continue to be on the specific challenges and
strategic opportunities faced by Finance Directors and how they
can be converted into business advantage for our clients," Ms.
Ewing disclosed.

"The London market remains hugely significant to the firm, and
with several thousand of our people based in the capital, is a
dynamic part of our business.  I look forward to working with my
Executive Group colleagues," Mr. Richardson added.

Ms. Ewing rejoined Deloitte in February 2007 from BAA where she
was Chief Financial Officer until October 2006 and before that
she was Group Finance Director at Trinity Mirror.  Mr.
Richardson has been a U.K. partner for 20 years and has held a
number of senior roles in the firm.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.


* BOND PRICING: For the Week Sept. 10 to Sept. 14, 2007
-------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      61.50
                          0.250    10/14/26     CDN      38.22
Republic of Austria       4.000    06/22/22     EUR      72.45
                          0.396    08/04/25     EUR      65.85
                          5.000    10/10/25     EUR      61.59


FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.29
                          0.500    04/26/13     AUD      70.60
                          1.000    11/21/16     NZD      56.93
                          0.500    09/24/20     CDN      56.37
                          0.250    06/28/40     CDN      19.99

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      62.39
Alcatel S.A.              4.750    01/01/11     EUR      16.12
Altran Technologies S.A.  3.750    01/01/09     EUR      12.43
BNP Paribas               0.250    12/20/14     US$      69.75
CAP Gemini S.A.           2.500    01/01/10     EUR      54.17
                          1.000    01/01/12     EUR      48.58
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.82
                          4.375    11/01/10     EUR      54.72
FCC Rome Alliance
    Funding               2.256    01/08/21     EUR      74.26
Havas S.A.                4.000    01/01/09     EUR      10.78
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Ingenico                  2.750    01/01/12     EUR      19.87
Maurel & Prom             3.500    01/01/10     EUR      21.77
Publicis Group            0.750    07/17/08     EUR      31.75
                          1.000    01/18/18     EUR      42.81
Rallye                    3.750    01/01/08     EUR      51.04
Rhodia S.A.               0.500    01/01/14     EUR      43.94
Scor S.A.                 4.125    01/01/10     EUR       2.24
Soc Air France            2.750    04/01/20     EUR      29.57
Soitec                    4.625    12/20/09     EUR      11.90
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.49
Valeo                     2.375    01/01/11     EUR      48.31
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.79
Wavecom S.A.              1.750    01/01/14     EUR      27.76
Wendel Invest S.A.        2.000    06/19/09     EUR      46.26

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      68.06
                          0.500    12/19/17     EUR      67.08
                          5.000    05/23/20     EUR      74.75
                          1.250    07/07/20     EUR      72.85
                          1.250    07/29/20     EUR      73.49
                          6.000    07/21/25     EUR      68.76
                          5.000    09/01/25     EUR      71.06
                          8.000    08/10/30     EUR      65.23
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      42.41
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      56.08

GREECE
------
Hellenic Republic         0.628    07/13/20     EUR      66.82
Hellenic Republic         6.000    07/06/24     EUR      72.38

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      68.94
                          7.500    02/03/45     US$      64.70

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      46.11
                          0.250    07/08/33     CDN      27.21
Irish Perm Plc            6.125    02/15/35     EUR      65.87
Magnolia Finance IV Plc   1.050    12/20/45     US$      27.69

ITALY
-----
Dexia Crediop S.p.A.      0.000    03/15/16     EUR      72.17

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      42.38

NETHERLANDS
-----------
ABN AMRO Bank N.V.        5.000    10/19/17     EUR      66.46
                          6.250    06/29/35     EUR      69.50
BK Ned Gemeenten          0.500    06/27/18     CDN      62.69
                          0.500    02/24/25     CDN      46.16
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.02
Energy Group O/S          7.425    10/15/17     US$      35.00
Gerling Global            3.500    08/16/21     EUR      62.66
KBC Ifima B.V.            3.500    02/07/25     US$      74.90
Lehman Bros TSY B.V.      2.000    02/16/15     EUR      80.96
                          1.000    06/06/17     EUR      73.22
                          2.892    06/13/17     EUR      81.03
                          6.000    02/15/35     EUR      69.08
                          8.250    03/16/35     EUR      60.88
                          7.000    05/17/35     EUR      63.17
                          7.250    10/05/35     EUR      59.04
                          6.000    11/02/35     EUR      62.45
Ned Waterschapbk          6.000    06/01/35     EUR      70.79
                          6.500    08/15/35     EUR      64.66
Rabobank Groep N.V.       6.000    04/08/20     EUR      72.08
                          6.000    02/22/35     EUR      70.22
                          2.000    02/23/35     EUR      62.93
                          7.000    02/28/35     EUR      69.78
                          7.000    03/23/35     EUR      65.29
                          6.000    05/09/35     EUR      72.93

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.92

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.93

SWITZERLAND
-----------
UBS AG                    1.000     01/25/12    NZD      75.17
                          1.000     02/27/12    NZD      74.58
                          1.000     03/28/12    NZD      74.27
                          1.000     06/28/12    NZD      73.13
                          1.000     07/30/12    NZD      72.97

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      53.90
HBOS Treasury
   Services Plc           6.000     02/07/35    EUR      69.79
National Grid Gas Plc     1.754     10/17/36    GBP      44.04
                          1.771     03/30/37    GBP      43.97
Royal BK Scotland Plc     0.250     03/27/14    US$      73.13
                          9.500     04/04/25    US$      72.09
                          7.000     06/09/25    EUR      64.21
                          7.000     06/29/30    EUR      57.86
                          7.000     02/15/45    US$      64.73
                          6.500     02/23/45    EUR      62.33
Wessex Water Finance Plc  1.369     07/31/57    GBP      29.47

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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